KHC.US
id: 714, Created by Stan Vick, Scout
Kraft Heinz (KHC) $450M Shareholder Settlement
How it works?
- Company agreed to settle with investors to avoid further litigation
- We prepare documents and claim payout for you
N.D. Illinois
Court1:19-cv-01339
Case number06 Nov 2015
Class period Start07 Aug 2019
Class period End10 Oct 2023
Claim deadlineKraft Heinz (KHC) settles $450 million with Investors.
In 2015, Kraft Foods Group and H.J. Heinz Company merged to form Kraft Heinz, a food and beverage company with a significant presence in the industry. However, in April 2019, a group of investors filed a lawsuit against Kraft Heinz and 3G Capital Partners, a Brazilian private equity firm that held a major stake in the Company, alleging that the companies had misled investors about the company's financial position and growth prospects.
The investors claimed that Kraft Heinz and 3G Capital Partners made false and misleading statements about the sustainability of the company's margins and the success of cost-cutting strategies after the merger. They alleged that the company's organic sales growth was declining and that Kraft Heinz was relying on acquisitions to maintain revenue growth. Furthermore, they claimed that the companies did not disclose the extent to which they were cutting back on marketing and research and development expenses to achieve their profit margins.
After years of litigation, Kraft Heinz and 3G Capital Partners have reached a $450 million settlement agreement with plaintiffs in a class-action lawsuit alleging securities fraud stemming from the 2015 merger of Kraft and Heinz.
Persons entitled to the payout are those who:
- Purchased or otherwise acquired Kraft Heinz common stock or call options on Kraft Heinz common stock,
- Purchased or otherwise acquired Call Options on Kraft Heinz common stock, or
- Sold Put Options on Kraft Heinz common stock,
during the Class Period and were damaged thereby.
For questions please contact George Scott - [email protected]
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions,
Other
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Plaintiffs
Sjunde AP-Fonden, Union Asset Management Holding AG
Attorneys
Bernstein Litowitz Berger & Grossmann LLP, Kessler Topaz Meltzer & Check, LLP, Wolf Popper LLP
Defendants
Bernardo Hees, Paulo Basilio, David Knopf, Alexandre Behring, George Zoghbi, Rafael Oliveira
Judge
Honorable Jorge L. Alonso
Administrator
JND Legal Administration
Court hearing date
12 September 2023
Exclusion deadline
22 August 2023
Objection deadline
22 August 2023
Hearing deadline
22 August 2023
+$450,000,000
Total Settlement Amount