PRLog - March 7, 2011 - SAN DIEGO -- After Kraft Foods Inc. disclosed that it received a subpoena from the SEC in connection with possible Foreign Bribery concerning a Cadbury facility in India an investigation on behalf of investors of Kraft Foods Inc. (NYSE:KFT) over possible breaches of fiduciary duties by certain officers and directors at Ingersoll-Ran in connection with potential foreign bribery was announced.
If you are a current long term investor in Kraft Foods Inc. (NYSE:KFT), and/or if you have information relating the investigation including former employees and/or whistleblowers, you have certain options and you should contact the Shareholders Foundation by email firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm on behalf of current long term investors in Kraft Foods Inc. (Public, NYSE:KFT) concerns whether certain officer and directors at Kraft Foods Inc. breached their fiduciary duties and can be held liable for possibly violating the U.S. Foreign Corrupt Practices Act (“FCPA”), which prohibits companies from making improper payments to foreign officials for the purpose of obtaining or keeping business. According to the DOJ “the Foreign Corrupt Practices Act was enacted for the purpose of making it unlawful for certain classes of persons and entities to make payments to foreign government officials to assist in obtaining or retaining business. Specifically, the anti-bribery provisions of the FCPA prohibit the willful use of the mails or any means of instrumentality of interstate commerce corruptly in furtherance of any offer, payment, promise to pay…to a foreign official to influence the foreign official in his or her official capacity … to secure any improper advantage in order to assist in obtaining or retaining business for or with, or directing business to, any person.”
Kraft Foods Inc. disclosed in its recent annual filing with the U.S. Securities and Exchange Commission (“SEC”) that it received on February 1, 2011 a subpoena from the SEC primarily relating to a Cadbury facility in India. Kraft Foods Inc acquired U.K.-based Cadbury in February 2010. Kraft Foods said that they began reviewing and adjusting, as needed, Cadbury’s operations in light of U.S. and international standards as well as Kraft Foods’ policies and practices. They initially focused on such high priority areas as food safety, the Foreign Corrupt Practices Act (“FCPA”) and antitrust. Based upon Cadbury’s pre-acquisition policies and compliance programs and Kraft Foods’ post-acquisition reviews, Kraft Foods Inc said that their preliminary findings indicated that Cadbury’s overall state of compliance was sound. However Kraft Foods said that through their reviews, Kraft Foods determined that in certain jurisdictions, including India, there appeared to be facts and circumstances warranting further investigation. Kraft Foods said the SEC subpoena requests information regarding dealings with Indian governmental agencies and officials to obtain approvals related to the operation of that facility.
Kraft Foods’ 12month Total Revenue went from $35.858billion in 2007 to $49.207billion in 2010. Its Net Income over the same time frame went from $2.721billion in 2007 to $4.114billion in 2010.
Despite increasing revenue shares of Kraft Foods Inc. (NYSE: KFT) traded during 2006 as high as $$35.70 and as low as $21.62 in 2009. KFT shares recently traded at $31.84 per share, still below its 2006 high.
Those who are current long term investors in Kraft Foods Inc. (NYSE:KFT), and/or those who have information relating the investigation including former employees and/or whistleblowers, you have certain options and you should contact the Shareholders Foundation by email email@example.com or call +1(858) 779 - 1554.
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