Saturday, September 04, 2021 12:27:26 AM
The agency alleges that from the last quarter of 2015 to the end of 2018, Kraft "engaged in various types of accounting misconduct" — including faking supplier contracts to get discounts that the company hadn't earned — to ultimately make their financials look better to analysts and investors.
Kraft Heinz (KHC) already had to restate its full-year and quarterly results for 2016 and 2017 after its an internal investigation following the launch of the SEC probe in 2019.
Two individuals, Kraft's former chief operating officer Eduardo Pelleissone and former chief procurement officer Klaus Hofmann, were also personally charged for alleged misconduct in the case after fabricating an estimated 59 supplier and procurement transactions, according to the SEC's complaint. They settled for $300,000 and $100,000, respectively. Hofmann will be barred from serving as an officer or director for five years.
Recent KHC News
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- Yes, Chef! KRAFT Unveils New Line of Restaurant-Worthy Creamy Sauces • Business Wire • 04/03/2024 11:00:00 AM
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- Live La Dolce VELVEETA with New Limited-Edition VELVEETA Gold Hair Dye • Business Wire • 04/01/2024 10:00:00 AM
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- Kraft Heinz Named to Fast Company’s Annual List of the World’s Most Innovative Companies • Business Wire • 03/19/2024 12:00:00 PM
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- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:09:27 PM
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- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:06:36 PM
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- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/04/2024 07:12:10 PM
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- Form 8-K - Current report • Edgar (US Regulatory) • 02/22/2024 09:06:13 PM
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