Warren Buffett said Kraft Heinz is in dispute with its auditor, so Berkshire Hathaway hasn't gotten the food company's financials.
"The auditor, which is Pricewaterhouse[Coopers] in this case, hasn't signed off on the 10-k," Buffett says. "There's something going on."
Warren Buffett, CEO of Berkshire Hathaway, attends the 2019 annual shareholders meeting in Omaha, Nebraska, May 3, 2019.is in a dispute with its auditor, so Berkshire Hathaway doesn't have the food company's financials. In Berkshire's first-quarter earnings report, the company said Kraft Heinz has not filed its 2018 annual report with the Securities and Exchange Commission or made its first-quarter financials available to Berkshire. So, Berkshire's latest results excluded its share of Kraft Heinz's earnings.
Berkshire owns more than 325 million shares of Kraft Heinz, or a market value of $14 billion, according to its 2018 annual letter, making it the largest single shareholder. Kraft Heinz has been struggling with its legal woes as itfrom the SEC related to its accounting policies and internal controls. It further disappointed investors earlier this year with the news that it slashed its dividend by 36% and took a $15.4 billion write-down on Kraft and Oscar Mayer, two of its biggest brands.
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