Kraft Heinz to restate financial reports after investigation
Shares fell 2.24% after the company also said it will not be able to file its quarterly report on time
Bengaluru — Kraft Heinz will restate financial reports for certain periods to fix errors that resulted from lapses in its procurement practices by some employees, the packaged food company said in a filing on Monday. The company also said it will not be able to timely file its quarterly report for the period ended March 30, sending its shares down 2.24% before the bell. Kraft Heinz also said it received an additional subpoena from the US Securities and Exchange Commission (SEC) on March 1, related to the assessment of goodwill and intangible asset impairments and a request for documents associated with the procurement business. The company had disclosed in February it had been subpoenaed by the SEC related to an investigation into its accounting policies, procedures and internal controls related to its procurement. Following the first subpoena, the company, together with its external counsel and forensic accountants, initiated an investigation into the procurement practices. Kraft H...
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