September 19, 2021

Biz Journal

Business perfection

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

WASHINGTON— Kraft Heinz Co. can pay $62 million to resolve a regulatory investigation that accused the meals large of manipulating bills throughout a interval when it launched into an aggressive cost-cutting marketing campaign.

The Securities and Change Fee introduced the end result on Friday, which Kraft Heinz agreed to resolve with out admitting or denying the company’s allegations. The SEC additionally accused two former Kraft Heinz executives of not appearing on warning indicators of the accounting misconduct, which spanned 2015 to 2018, in response to the SEC. Kraft Heinz restated its monetary ends in 2019 after an inside investigation discovered $208 million in improperly acknowledged value financial savings.

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