By Craig Clough ( August 19, 2021, 4:57 PM EDT) -- Three former employees at a Kraft Heinz Foods Co. plant in California filed a federal lawsuit Thursday seeking at least $30 million in damages for what they say was years of racist taunts, threats and discrimination at the hands of their co-workers and management....
Corporate conductSettlement
Kraft Heinz settles $16M labeling deception claim
A Florida federal judge approved a $16 million class settlement over allegations that Kraft Heinz used deceptive labeling to overstate ground coffee amounts in Maxwell House and Yuban brands.
By Lauren Berg ( July 13, 2021, 10:04 PM EDT) -- A Florida federal judge gave his blessing Tuesday to a $16 million class settlement resolving claims that Kraft Heinz Foods Co. used deceptive labeling to overstate the amount of ground coffee in its Maxwell House and Yuban brands, saying the deal "is good to the last drop."...
Workplace equityConfirmed
Kraft Heinz fails to pay employees
A Wisconsin federal court granted preliminary approval to a $15 million deal resolving claims that Kraft Heinz failed to pay employees for all hours worked and include certain compensation.
A Wisconsin federal court granted preliminary approval to a $15 million deal resolving claims that Kraft Heinz Foods Co. failed to pay employees for all hours worked and include certain compensation...
Corporate conductSettlement
The Securities and Exchange Commission charged The Kraft Heinz Company with engaging in a long-running expense management scheme that resulted in the restatement of several years of financial reporting
SEC Charges the Kraft Heinz Company and Two Former Executives for Engaging in Years-Long Accounting Scheme.
On Friday, the SEC announced settled charges against Kraft Heinz Company, its Chief Operating Officer and Chief Procurement Officer for “engaging in a long-running expense management scheme that resulted in the restatement of several years of financial reporting.” According to the SEC’s Order regarding the company and the COO, as well as the SEC’s complaint against the CPO, the company employed a number of expense management strategies that “misrepresented the true nature of transactions,” including recognizing unearned discounts from suppliers, maintaining false and misleading supplier contracts and engaging in other accounting misconduct, all of which resulted in accounting errors and misstatements.
WASHINGTON, Sept 3 (Reuters) - The Kraft Heinz Company and two former executives have agreed to pay more than $62 million to settle charges they falsified supplier contracts to achieve cost savings in a multi-year accounting scheme, the U.S. securities regulator said on Friday.
WASHINGTON (Reuters) -The Kraft Heinz Company and two former executives have agreed to pay more than $62 million to settle charges they falsified supplier contracts to achieve cost savings in a multi-year accounting scheme, the U.S. securities regulator said on Friday.
Kraft Heinz Will Pay $62 Million to Settle SEC Probe Into Cost Savings - Markets Insider
Kraft Heinz didn't immediately respond to a request for comment from Insider. The company said in a regulatory filing that it fully cooperated with the SEC, it has improved its financial reporting, and the settlement concludes the investigation.
Kraft Heinz will pay a $62 million penalty after regulators charged it on Friday with violating federal anti-fraud and record-keeping requirements.
Kraft Heinz and two former executives have agreed to pay more than $62 million to settle charges they falsified supplier contracts to achieve cost savings in a multi-year accounting scheme, the Securities and Exchange Commission said Friday.
Federal regulators said Friday that Kraft Heinz Co. will pay $62 million to settle charges of accounting wrongdoing that led the company to report overly rosy financial results, which were later corrected.
Kraft Heinz misrepresented its financial results for years, SEC says - CBS News
Kraft Heinz misrepresented its financial results for years, SEC says
Kraft Heinz had one of the worst days imaginable Thursday. The company wrote down the value of its Kraft and Oscar Mayer brands by $15 billion, posted a $12.6 billion loss, cut its dividend by 36% and announced its accounting practices are under investigation by the Securities and Exchange Commission.
US regulators fined Kraft Heinz $62 million over an alleged accounting scheme that inflated the food giant's financial results due to bogus cost savings, authorities announced Friday.
Kraft Heinz ultimately revised a number of financial reports, with $208 million in cost savings corrections.
Kraft Heinz Co. is agreeing to pay $62 million to settle charges of improper accounting of what it once claimed were cost savings.
Kraft Heinz Co. will pay $62 million to settle charges of accounting wrongdoing related to improperly recognized cost savings and misleading reports about supplier contracts.
The Securities and Exchange Commission alleged that Kraft Heinz boasted about unearned cost savings and pressured the procurement division to hit unrealistic targets, resulting in millions of dollars in bogus savings and a restatement of financial results in 2019.
Corporate conductSettlement
Kraft Heinz settles MiO false advertising claims
Kraft Heinz settles false advertising claims related to MiO products.
[Id.] That same day, Kraft Heinz disclosed that it had received a subpoena from the Securities and Exchange Commission in October 2018 in connection with the Company’s procurement function, stating in relevant part: The Company received a subpoena in October 2018 from the U.S. Securities and Exchange Commission (the “SEC”) associ ated with an investigation into the Case: 1:19-cv-02807 Document #: 32 Filed: 10/08/19 Page 4 of 30 PageID #:<pageID>
Corporate conductConfirmed
Kraft Heinz faces complaint over Macaroni & Cheese ad
The Center for Science in the Public Interest filed a complaint with CARU, alleging Kraft Heinz's Kraft Macaroni & Cheese ad violated children's advertising guidelines.
The Center for Science in the Public Interest (CSPI) said in a news release that it had filed a complaint with the BBB National Programs’ Children’s Advertising Review Unit (CARU), arguing that advertisements from Kraft Heinz including a recent ad for Kraft Macaroni & Cheese violated CARU’s guidelines for ads appearing on children’s networks.
Corporate conductRuling
Judge orders Kraft Heinz to face Mac & Cheese lawsuit
Kraft Heinz was ordered to face a Mac & Cheese lawsuit by the judge.
Kraft Heinz will have to face disgruntled consumers in federal court over allegations the food company lied about its macaroni and cheese product containing “No Artificial Flavors, Preservatives, or Dyes,” a judge ruled.
Kraft Heinz lawsuit not dismissed, food company will got to court: Judge
Corporate conductRuling
Kraft Heinz Co. faces ruling over conceals misconduct
The final decision involving Kraft Heinz Co. concerns conceals misconduct.
On September 3, 2021, the Commission issued a Corrected Order Instituting Cease-and- Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order (the “Order”)1 against The Kraft Heinz Co. (“KHC”) and Eduardo Pelleissone (collectively, the “Respondents”).