Kraft Heinz misrepresented its financial results for years, SEC says
CBSN
Federal regulators said Friday that Kraft Heinz Co. will pay $62 million to settle charges of accounting wrongdoing that led the company to report overly rosy financial results, which were later corrected.
Two former senior executives of the food company agreed to pay civil penalties, the Securities and Exchange Commission said. The agency said that from late 2015 through 2018, Kraft boasted about cost savings that were actually unearned discounts and misleading reports about nearly 300 contracts with suppliers. The company's claims were widely picked up by Wall Street analysts, the SEC said, but in 2019 Kraft restated its financial results to correct $208 million in improperly recognized cost savings.A cybercriminal group claims it stole personal data belonging to more than 500 million Ticketmaster customers. Although the event ticketing service, owned by Live Nation Entertainment, hasn't confirmed the attack, security experts warn that it could put users of the platform at risk for a range of scams.
Two climbers were waiting to be rescued near the peak of Denali, a colossal mountain that towers over miles of vast tundra in southern Alaska, officials said Wednesday. Originally part of a three-person team that became stranded near the top of the mountain, the climbers put out a distress call more than 30 hours earlier suggesting they were hypothermic and unable to descend on their own, according to the National Park Service.
There's no making up for what Olympic hurdler Lashinda Demus lost on the day she finished .07 seconds behind a Russian opponent who, everyone later learned, was doping. What the American 400-meter hurdles champion will finally receive is a great day under the Eiffel Tower where she'll be presented with the gold medal she was denied 12 years ago at the London Olympics.