Kraft Heinz Co. shares dropped more than 9% in after-hours trading Thursday afternoon after the company wrote off more than $15 billion related to previous acquisitions and revealed an SEC investigation. Kraft Heinz reported a fourth-quarter loss of $12.61 billion, or $10.34 a share, on sales of $6.89 billion, up from $6.84 billion a year ago. Much of that loss was due to “non-cash impairment charges of $15.4 billion to lower the carrying amount of goodwill in certain reporting units, primarily U.S. Refrigerated and Canada Retail, and certain intangible assets, primarily the Kraft and Oscar Mayer trademarks,” according to the release. After adjusting for that and other factors, the company claimed earnings of 84 cents a share, down from 90 cents a share and lower than analyst estimates. Analysts on average expected adjusted earnings of 94 cents a share on revenue of $6.94 billion, according to FactSet. Kraft Heinz blamed lower prices in the U.S. during the holiday season as a result of promotions and lower commodity costs. Kraft Heinz also disclosed a subpoena from the SEC, writing, “The company received a subpoena in October 2018 from the U.S. Securities and Exchange Commission (the “SEC”) associated with an investigation into the company’s procurement area, more specifically the company’s accounting policies, procedures, and internal controls related to its procurement function, including, but not limited to, agreements, side agreements, and changes or modifications to its agreements with its vendors.” Kraft Heinz shares closed with a 0.2% decline at $48.18 Thursday, but moved lower than $44 in after-hours trades following the announcement. The stock has already declined 28.6% in the past year, as the S&P 500 index has gained 3.1%.