In a filing with Securities and Exchange Commission, the company said that an internal investigation revealed that employees fabricated a number of transactions related to suppliers and procurement.
Kraft Heinz (KHC) 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 is 2018 annual report.
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.
The company is 27% owned by Warren Buffett's Berkshire Hathaway (BRKA), which had its annual meeting in Omaha this past weekend. In an interview on CNBC Monday Buffett said he had complete confidence in Kraft Heinz, despite the company's problems.
Kraft Heinz had already disclosed in February that the SEC was investigating its accounting, and it had received a subpoena from the regulator related to its accounting policies, procedures, and internal controls. The earnings restatement was not a surprise.
The company announced the SEC probe at the time the company reported fourth-quarter results, which included a writedown of the value of its Kraft and Oscar Mayer brands by $15 billion, sparking a $12.6 billion loss in the period.
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