- Kraft Heinz Co faces a new lawsuit questioning why controlling shareholder 3G Capital transferred $1.23 billion of stock six months before the processed foods company stunned investors with a huge writedown and other bad news.
Kraft Heinz’s share price sank 27.5 percent on Feb. 22 after the company took a $15.4 billion writedown on its Kraft and Oscar Mayer brands and Canadian assets, as consumers shifted to healthier and fresher alternatives or private-label products. Walling also said the defendants had been “motivated” to engage in improper conduct to allow 3G to “sell” $1.23 billion of stock last August at artificially inflated prices. The complaint was filed in the federal court in Pittsburgh.
Hees told Reuters in a Sept. 7, 2018 interview that the transfer was made on behalf of institutional investors that had a “window to liquidity” and were exiting a 3G fund. Berkshire and Buffett are not defendants. Buffett told CNBC on Monday the market reacted “probably quite properly” to Kraft Heinz’s news.
So you win the class suit in the mean time you lower the stock even lower. What is the point. Basically suing yourself. Better response is for stockholders to clean out board and upper management.
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