Kraft Heinz Write-Downs, SEC Probe Spawn Retirement Stock Suit

Kraft Heinz Co.‘s employee benefits committee was hit with a proposed class action by current and former workers who say they lost retirement savings when the company’s stock price took a 27 percent tumble.

The March 19 lawsuit, filed on behalf of as many as 21,000 investors in Kraft’s retirement plan, claims certain high-ranking Kraft officers knew the company’s stock was artificially inflated but nevertheless allowed workers to invest their retirement savings in Kraft stock. Workers overpaid for stock they acquired during the class period, and they took a loss when the company’s troubles became public and share price ...