Kraft Heinz Co will restate financial reports for a near three-year period to fi...
- 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.
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. “While we expect there will be more change, the worst of the uncertainty surrounding financial statements appears to be over,” Consumer Edge Research’s Jonathan Feeney said.Warren Buffett, whose Berkshire Hathaway Inc is Kraft Heinz’s largest shareholder with a 26.7 percent stake, told CNBC after Kraft Heinz disclosed the restatements that the company had his confidence.
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