May 15, 2015 (San Diego, CA & Northfield, IL) Shareholder rights law firm Robbins LLP announces that it filed a class action lawsuit on May 13, 2015, in the U.S. District Court for the Northern District of Illinois, Eastern Division (the “Court”) on behalf of the shareholders of Kraft Foods Group, Inc. (“Kraft”) (NASDAQGS: KRFT) against Kraft and its Board of Directors for, among other things, violations of sections 14(a) and 20(a) of the Securities and Exchange Act of 1934 (the “Exchange Act”) and U.S. Securities and Exchange Commission Rule 14a-9 promulgated thereunder.
Kraft Is Accused of Disseminating a False and Misleading Proxy Statement
The complaint arises out of a March 25, 2015 press release announcing that Kraft had entered into a definitive merger agreement with H.J. Heinz Company (“Heinz”) pursuant to which Kraft shareholders would receive one share of the combined company, The Kraft Heinz Company, and a $16.50 special dividend for each share owned (the “Proposed Transaction”). Kraft shareholders will own a 49% stake in the combined company and current Heinz shareholders will own a 51% stake. The complaint seeks injunctive relief on behalf of the named plaintiff and all other similarly situated shareholders of Kraft (the “Class”). The named plaintiff is represented by Robbins LLP.
The complaint alleges that, in an attempt to secure shareholder approval of the Proposed Transaction, the defendants filed a materially false and misleading Definitive Proxy Statement with the U.S. Securities and Exchange Commission in violation of the Exchange Act. The omitted and/or misrepresented information is believed to be material to Kraft’s shareholders’ ability to make an informed decision whether to approve the Proposed Transaction.
If you purchased or otherwise acquired Kraft stock prior to the announcement of the Proposed Transaction on March 25, 2015, and wish to serve as lead plaintiff, you must move the Court no later than sixty days from May 15, 2015. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact attorney Darnell R. Donahue of Robbins LLP at 800-350-6003, via the shareholder information form below, or by e-mail at info@robbinsllp.com. Any member of the Class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent Class member.
