Securities Class Action Filed on Behalf of Persons or Entities That Traded Common Stock of the Kraft Heinz Company or Certain...
May 03 2019 - 4:00PM
Business Wire
Entwistle & Cappucci LLP (“Entwistle & Cappucci”)
announced it has filed a securities class action lawsuit on behalf
of persons or entities that purchased Kraft Heinz Company (“Kraft
Heinz” or the “Company”) common stock (NASDAQ: KHC), purchased call
options on Kraft Heinz common stock, sold put options on Kraft
Heinz common stock and/or purchased futures on Kraft Heinz common
stock during the period July 6, 2015 through February 21, 2019,
inclusive (the “Class Period”). The case was filed in the United
States District Court for the Northern District of Illinois, Case
No. 1:19-cv-02807, against Kraft Heinz and related defendants
(collectively, “Defendants”).
The class action asserts claims under Sections 10(b), 20(a) and
20A of the Securities Exchange Act of 1934. The complaint alleges
that, during the Class Period, the Defendants made materially false
and misleading statements and failed to disclose material adverse
facts concerning the Company’s business prospects, accounting
practices and the value of its brands. The subject misstatements
were corrected by a series of partial disclosures, the most recent
of which was the February 21, 2019 announcement that the Company
would be taking a $15.4 billion goodwill impairment write-down
relating primarily to its Kraft and Oscar Mayer brands. In
addition, the complaint alleges that private equity firm 3G Capital
Inc. sold shares while in knowing possession of material, nonpublic
information concerning the Company’s upcoming write-down. In this
action, the Plaintiff seeks an award of damages, and prejudgment
interest, to Plaintiff and other Class members.
On May 1, 2019, the Honorable Robert M. Dow, Jr. set a briefing
schedule for the appointment of lead plaintiff. Response/position
briefs are due on May 15, 2019 and reply briefs are due on May 22,
2019.
If you wish to discuss this Action or have any questions
concerning this notice or your rights or interests, please contact:
Andrew J. Entwistle, Esq. of Entwistle & Cappucci at (512)
710-5960 or via e-mail at aentwistle@entwistle-law.com; or Robert
N. Cappucci, Esq. of Entwistle & Cappucci at (212) 894-7200 or
via e-mail at rcappucci@entwistle-law.com.
About Entwistle & Cappucci
Entwistle & Cappucci is a national law firm providing
exceptional legal representation to clients globally in the most
complex and challenging legal matters. Our practice encompasses all
areas of litigation, including securities, antitrust, corporate
transactions, general corporate and commercial, creditor’s rights
and bankruptcy, corporate governance and fiduciary duty, government
affairs, insurance, investigations and white collar defense. Our
clients include public and private corporations, major hedge funds,
public pension funds, governmental entities, leading institutional
investors, domestic and foreign financial services companies,
emerging business enterprises and individual entrepreneurs.
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ENTWISTLE & CAPPUCCI LLPAndrew J. Entwistle, Esq.
(aentwistle@entwistle-law.com)500 W. 2nd Street, Suite
1900-16Austin, TX 78701Telephone: (512) 710-5960ENTWISTLE &
CAPPUCCI LLPRobert N. Cappucci, Esq.
(rcappucci@entwistle-law.com)299 Park Avenue, 20th FloorNew York,
New York 10171Telephone: (212) 894-7200www.entwistle-law.com
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