Brower Piven Announces That it Has Filed a Class Action Lawsuit Against Kraft Foods Group, Inc. (KRFT)

STEVENSON, Md., May 7, 2015 (GLOBE NEWSWIRE) -- The securities litigation firm Brower Piven, A Professional Corporation announces that it filed a class action lawsuit on April 27, 2015, in the U.S. District Court for the Eastern District of Virginia, Richmond Division (the "Court") on behalf of the shareholders of Kraft Foods Group, Inc. ("Kraft") KRFT against Kraft and its Board of Directors for, among other things, violations of sections 14(a) and 20(a) of the Securities and Exchange Act of 1934 (the "Exchange Act") and U.S. Securities and Exchange Commission Rule 14a-9 promulgated thereunder. The complaint filed by Brower Piven is the first securities class action lawsuit to be filed in relation to the merger between Kraft and H.J. Heinz Corporation.

On March 25, 2015, Kraft announced that it had entered into a definitive merger agreement with H.J. Heinz Holding Corporation pursuant to which Kraft shareholders would receive $16.50 per share in cash as a special dividend as well as stock in the combined company representing a 49% stake in the new company (the "Proposed Transaction"). The complaint seeks injunctive relief on behalf of the named plaintiff and all other similarly situated shareholders of Kraft (the "Class"). The named plaintiff is represented by Brower Piven, A Professional Corporation.

The complaint alleges that, in an attempt to secure shareholder approval of the Proposed Transaction, the defendants filed a materially false and misleading Proxy Statement with the U.S. Securities and Exchange Commission in violation of the Exchange Act. The omitted and/or misrepresented information is believed to be material to Kraft's shareholders' ability to make an informed decision whether to approve the Proposed Transaction.

No class has yet been certified in the above action. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. Any member of the putative class may ask the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. The lead plaintiff will direct the litigation and participate in important decisions in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the company during the class period.

If you purchased or otherwise acquired Kraft stock prior to the announcement of the Proposed Transaction on March 25, 2015, and wish to serve as lead plaintiff, you must move the Court no later than sixty days from May 7, 2015. You are not required to have sold your shares to seek damages or serve as lead plaintiff. If you currently own common stock of Kraft and would like to learn more about the investigation being conducted by Brower Piven, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Any member of the Class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent Class member.

Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.