NEW YORK, March 1, 2019 /PRNewswire/ -- WeissLaw LLP, a national class action, shareholder rights law firm with offices in New York, Los Angeles, and Atlanta, announces an investigation of the Board of Directors of The Kraft Heinz Company (the "Company" or "KHC") (NASDAQ: KHC), for possible breaches of fiduciary duty.
Owners of KHC shares wishing to discuss this investigation or having any questions concerning this notice or your rights or interests, please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
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On February 21, 2019, KHC issued a series of press releases regarding the Company's financials. It reported losses of $12.61 billion in the fourth quarter of fiscal year 2018, and announced that the Company would be slashing dividends by nearly 40% to strengthen its balance sheet and accelerate its deleveraging plan. Moreover, KHC announced that it also in possession of a subpoena from the SEC in connection with an investigation into the Company's accounting and controls. On that news, KHC share plummeted nearly 30%, starting the day on February 22 at $35.85 per KHC, or $12.33 lower than the previous day's closing price of $48.18.
WeissLaw is investigating whether KHC's Board breached its fiduciary duties to the Company and its shareholders by failing to ensure that an adequate system of internal controls was maintained over the Company's operations and financial reporting. If you own KHC shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, please contact Joshua Rubin of WeissLaw LLP at (888)593-4771, or by e-mail at email@example.com.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients.
SOURCE WeissLaw LLP