Shares of Kraft Heinz (KHC) - Get Report jumped on Monday after the company said it completed its accounting investigation and changed its financial practices -- moves disclosed in a delayed filing to regulators.
In the filing submitted to the Securities and Exchange Commission on Friday, Kraft Heinz said it had concluded its internal investigation into accounting irregularities in its procurement division, and had made only minor revisions to its annual earnings numbers based on its findings.
The filing, completed more than three months late, sent shares up more than 4% in premarket trading.
Kraft Heinz in early May said it would restate its financial results for 2016 and 2017 following an investigation into accounting practices at the packaged food group, but said the changes wouldn't be "material" and would likely amount to less than $210 million.
Kraft said the probe found that "several" of its employees in the procurement area of the group had engaged in misconduct linked to the recognition of costs and rebates.
The adjustments clipped around 10 cents per share from Kraft Heinz's earnings over a period of just under three years, the company said. It subsequently delayed its fiscal fourth-quarter earnings report.
"We are pleased that Kraft Heinz is returning to a path of normalization," board chairman Alex Behring said in a press release. "The adjustments to correct prior year misstatements are in line with the preliminary amounts disclosed in our Form 8-K filed on May 6, 2019."
Shares of Kraft Heinz were up more than 5%, or $1.51 to $30.26 in late-morning trading on Monday.