Core Viewpoint - The J.M. Smucker Company experienced a significant decline in share price following disappointing Q4 2025 financial results, leading to an investigation into potential securities law violations related to its Hostess Brands acquisition [1][2][8]. Financial Performance - In Q4 2025, SJM reported a comparable net sales decrease of 14% in the Sweet Baked Snacks segment, alongside an $867 million impairment charge related to goodwill and an additional $113 million impairment of the Hostess Brand trademark [6][8]. - The company had previously reported a comparable net sales decrease of 8% in Q3 2025, with a $794 million impairment charge related to goodwill and a $208 million impairment charge to the Hostess Brand trademark [6][7]. Hostess Brands Acquisition - SJM acquired Hostess Brands for approximately $5.5 billion on November 7, 2023, with $2.4 billion recorded as goodwill in the Sweet Baked Snacks segment [3][4]. - The acquisition included various Hostess brands and manufacturing facilities across multiple states [4][5]. Investor Reactions and Investigations - Following the Q4 results, SJM's share price fell by $17.44, or 15%, resulting in a loss of about $1.8 billion in shareholder value [8]. - Hagens Berman has initiated an investigation into whether SJM may have misrepresented the benefits of the Hostess acquisition and whether it delayed the recognition of impairment charges [2][9].