Shares of Kraft Heinz (KHC) - Get The Kraft Heinz Company Report were down 1.2% Monday after analysts at Standard & Poor's put the company on CreditWatch negative due to its failure to file its annual report with the Securities and Exchange Commission even after the deadline to do so was extended.
The company hit a new record low and 52-week low of $31.53 during the session on the news.
Monday's decline cames on the heels of a disastrous end to February when the company wrote down $15.4 billion on its Kraft and Oscar Mayer brands, slashed its dividend and disclosed a subpoena from the SEC.
Kraft Heinz then announced that it would not be able to meet an SEC deadline to report its full-year results. It was granted an additional 15 days to file the report, but that deadline passed on Thursday.
"We are working toward filing our 10-K in the coming weeks once we complete our internal reviews of our accounting practices and procedures related to the procurement area," Kraft Heinz spokesman Michael Mullen said in a statement.
Despite its recent troubles, Kraft Heinz has received some votes of confidence amid the turmoil.
Warren Buffett's Berkshire Hathaway (BRK.A) - Get Berkshire Hathaway Inc. Report has a 26.7% stake in the company, and even though it took a big hit from Kraft's troubles Buffett said that he has no plans to exit his stake.
Earlier this month, the company gained in trading following a report that it had hired a bank to look at a possible sale of its Breakstone's brand.
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