Kraft Heinz grapples with botched financial results and CMO departure

Kraft Heinz is facing a wave of negative press after the company admitted it had to reconsider its earnings reports.

The company recently admitted in a Securities and Exchange Commission filing that some of its employees fabricated transactions surrounding procurement and suppliers, which will cause Kraft to resubmit its financial results for 2016 and 2017 and reevaluate its 2018 numbers.

In February, the company said it received a subpoena from the SEC and was conducting an internal investigation, which revealed improper procedures.

CNN reported:

The company said it would restate full-year and quarterly results for 2016 and 2017 and the first three quarters of 2018. It has yet to file its 2018 annual report. And the delay in the filing of the annual report means it will be late announcing its first-quarter results.

The company said it did not believe the amount of the restatement was “quantitatively material” to its finances. Still, the restatements will total about $208 million.