The SEC isn’t messing around when it comes to investor protection. We’re getting used to subpoenas being dealt out in the cryptocurrency space. But when it comes to traditional industries, they pack a decent punch. One right hook so hard, in fact, that it saw Kraft Heinz stock plummet by 20%. And Warren Buffett’s Berkshire Hathaway take a $2.8 billion hit.
— Reuters Top News (@Reuters) February 22, 2019
Kraft Heinz Was Having a Really Bad Day
There are bad days. Then there are really, really bad days. Just plain awful ones that you wish would sink into the depths of history forever. Kraft Heinz was having one of the third kind on Thursday.
Not only did the company cut its dividend by more than a third, but it took a $15.4 billion impairment charge–and revealed that it had received a subpoena from the SEC over its accounting practices.
Read the full story on CCN.com.