Member Directory
Member Directory

Kraft Foods Settles For $62M Over Misstatements in Financial Reports

Recently, the SEC announced a settlement with Kraft Foods for $62 million and with two Kraft executives for financial reporting misstatements.  Along with the corporate settlement with Kraft, the SEC announced proposed settlements with Kraft’s former COO Eduardo Pelleissone and its former Procurement Officer Klaus Hoffman for their roles in the reporting fraud.

During the period of 2015 to 2018, Kraft committed various accounting misconduct, including recognizing unearned discounts from suppliers and maintaining false and misleading supplier contracts, in an attempt to improperly reduce cost of goods sols though claimed “cost-savings.” As a result, Kraft reported inflated adjusted EBITDA based on these false cost savings.  After conducting a thorough investigation and re-audit, Kraft restated its financial statements, correcting a total of $208 million in improperly recognized costs savings connected to almost 300 transactions.

Read the source article at

Find an Attorney

The National Trial Lawyers stands as an esteemed, exclusive association comprising top-tier trial attorneys nationwide. Whether you require a Civil Plaintiff Lawyer or a Criminal Defense Lawyer in your state, our network ensures access to premier legal expertise tailored to your needs.
Find Attorney

Read More Legal News

© Copyright 2022, All Rights Reserved | National Trial Lawyers
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram