Kraft Heinz to restate nearly three years of financial reports after investigation

[Eugene]

Source: Reuters

BUSINESS NEWS MAY 6, 2019 / 6:53 AM / UPDATED 10 MINUTES AGO

Kraft Heinz to restate nearly three years of financial reports after investigation

Aishwarya Venugopal
3 MIN READ

(Reuters) - Kraft Heinz Co will restate financial reports for a near three-year period to fix errors that resulted from lapses in procurement practices by some of its employees, the packaged food company said in a filing on Monday.

The company also said it received an additional subpoena from the U.S. Securities and Exchange Commission (SEC) in March, related to the assessment of goodwill and asset impairments and a request for documents associated with the procurement operations.

Kraft had disclosed a SEC subpoena in February related to an investigation into its accounting practices and, procurement procedures. Following the subpoena, the company initiated an investigation into the procurement practices.

Kraft Heinz said the misstatement was not “quantitatively material” to its financial reports, adding that its investigation was substantially complete and that it would continue to cooperate with the SEC.

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Read more: https://www.reuters.com/article/us-kraft-heinz-restatement/kraft-heinz-to-restate-nearly-three-years-of-financial-reports-after-investigation-idUSKCN1SC0VF

[Wellstone ruled]

1. So you got busted for cooking the books.

Asset Impairment=outdated equipment and bad debts from Wholesaler Bankruptcies,usually includes product recalls.

Love the one about Good will =what ever you decide is your value of on going operations. Generally up to 20% inflated puffery. But,what ever it takes to attract investors.