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

Posted on Friday, February 22nd, 2019 By The Associated Press

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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