Kraft Heinz to Pay $62 Million to Settle SEC Accounting Probe

This article from Wall Street Journal written by Dave Michaels and Jacob Bunge

WASHINGTON— Kraft Heinz Co. KHC -1.17% will pay $62 million to resolve a regulatory investigation that accused the food giant of manipulating expenses during a period when it embarked on an aggressive cost-cutting campaign.

The Securities and Exchange Commission announced the outcome on Friday, which Kraft Heinz agreed to resolve without admitting or denying the agency’s allegations. The SEC also accused two former Kraft Heinz executives of not acting on warning signs of the accounting misconduct, which spanned 2015 to 2018, according to the SEC. Kraft Heinz restated its financial results in 2019 after an internal investigation found $208 million in improperly recognized cost savings.

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Source: https://www.wsj.com/articles/kraft-heinz-to-pay-62-million-to-settle-sec-accounting-probe-11630676482

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