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Kraft Heinz fed investigation and a $15.4 billion write-down

SeattlePI.com Friday, 22 February 2019 ()
LONDON (AP) — Kraft Heinz is disclosing an investigation by federal regulators and will slash the value of its Oscar Mayer brands by a $15.4 billion. Shares plunged 20 percent before the opening bell Friday with the company posting a $12.6 billion loss for the fourth quarter. Kraft Heinz divulged the receipt of a subpoena in October from the U.S. Securities and Exchange Commission related to its procurement operations. Those operations handle interactions with outside suppliers. Details of the investigation emerged in the company's fourth-quarter earnings report late Thursday.
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News video: Kraft Heinz Shares Drops Huge Amount

▶ Kraft Heinz Shares Drops Huge Amount 00:44

(Reuters) - Shares of Kraft Heinz Co slumped 20 percent late on Thursday after the food company posted a quarterly loss, disclosed an SEC investigation and wrote down the value of its iconic Kraft and Oscar Mayer brands as it highlighted the tough environment for the packaged food industry. FILE...

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