NEW YORK, March 28, 2020 /PRNewswire/ -- Leading
investor law firm Grant & Eisenhofer, P.A. filed a securities
class action on March 25 on behalf of
City of Hollywood Police Officers'
Retirement System against Kraft Heinz (NASDAQ: KHC), certain of its
current and former senior executives, and 3G Capital, Inc. and its
related affiliates.
The action, filed in the United
States District Court for the Northern District of
Illinois, is brought on behalf of
all persons or entities who purchased or acquired publicly traded
KHC securities, including KHC common stock, during the period
between July 2, 2015 and November 4, 2015, including those who acquired
KHC securities as a result of the acquisition of Kraft Foods Group,
Inc. ("Kraft") by the H.J. Heinz Company ("Heinz").
The action is captioned City of
Hollywood Police Officers' Retirement System v. The Kraft
Heinz Company, et al., 1:20-cv-01970 (N.D. Ill.). It
is related to the consolidated action Union Asset Management
Holding AG and Sjunde AP-Fonden. v. The Kraft Heinz Company, et
al., 1:19-cv-01339-RMD (N.D. Ill.).
This action seeks damages for violations of Sections 10(b) and
20(a) of the Securities Exchange Act of 1934, and U.S. Securities
and Exchange Commission Rule 10b-5
promulgated thereunder. Defendants are The Kraft Heinz
Company, 3G Capital Partners, 3G Capital, Inc., 3G Global Food
Holdings, L.P., 3G Global Food Holdings GP LP, 3G Capital Partners
LP, 3G Capital Partners II LP, 3G Capital Partners Ltd.,
Bernardo Hees (KHC's former CEO),
Paulo Basilio (KHC's former CFO) and
Alexandre Behring (KHC's former
Chairman of the Board of Directors).
Kraft Heinz is a multi-national consumer goods conglomerate,
which includes in its portfolio popular brands including Heinz
ketchup, Oscar Mayer meats, Kraft
cheese products, Maxwell House coffee and Jell-O desserts. It
was formed on July 2, 2015, when
Heinz acquired Kraft (the "Merger"). 3G Capital Partners is a
private equity firm that, owned Heinz, with other partners, prior
to the Merger. Subsequent to the Merger, 3G Capital Partners
owned approximately 25% of KHC.
The action alleges that Defendants concealed material
information and made false and misleading statements concerning the
strategy that Defendants had for the company following the
merger. In particular, while Defendants assured investors
that Kraft Heinz would focus on product innovation and brand
marketing to maintain long term value and achieve growth, in fact
the strategy was simply to aggressively and indiscriminately cut
costs, which led a significant decline in the value of its most
iconic brands. When the truth regarding these false and
misleading statements became known to the public, the price of
KHC's publicly traded securities fell significantly, harming
investors.
For investors who purchased or acquired KHC publicly traded
securities during the Class Period, you are a member of this
proposed Class and may be able to seek appointment as lead
plaintiff, which is a court-appointed representative for the Class,
by complying with the relevant provisions for the Private
Securities Litigation Reform Act of 1995 (the "PSLRA").
See 15 U.S.C. Section 78u-4(a)(2)(A)(i)-(iv). If you
wish to serve as lead plaintiff, you must move the Court no later
than May 27, 2020. You need not
seek to become a lead plaintiff in order to share in any possible
recovery. You may retain counsel of your choice to represent
you in this action.
The plaintiff, City of
Hollywood Police Officers' Retirement System, seeks to
recover damages on behalf of the Class and is represented by Grant
& Eisenhofer, a law firm with a strong background and
experience in handling securities class actions and other complex
commercial litigation.
If you have any questions about this notice, this action, or
your rights, you may contact Caitlin M.
Moyna at Grant & Eisenhofer, cmoyna@gelaw.com,
646-722-8513.
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SOURCE Grant & Eisenhofer