Kraft Heinz to pay $62 million to settle SEC investigation

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Kraft Heinz Co.
KHC,
-0.67%
disclosed Friday that it will pay a $62 million civil penalty to settle an investigation by the Securities and Exchange Commission into accounting policies, procedures and internal controls. The food and beverage product company’s stock fell 0.3% in premarket trading. Kraft Heinz said it does not admit or deny findings in the administrative order issued by the SEC, and agrees to cease and desist from violations of specified provisions of federal securities laws. The company said the SEC’s order recognizes the steps it has taken to strengthen internal controls over financial reporting. Kraft’s stock has gained 4.1% year to date through Thursday, while the SPDR Consumer Staples Select Sector ETF
XLP,
-0.12%
has advanced 8.1% and the S&P 500
SPX,
-0.03%
has rallied 20.8%.

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