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Sealed Air Corporation (NYSE: SEE) Investor Securities Class Action Lawsuit 11/01/2019

  • If you purchased shares of Sealed Air Corporation (NYSE: SEE), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Sealed Air Corporation
Security
NYSE: SEE

Case Name
Sealed Air Shareholder Class Action Lawsuit 11/01/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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Summary

July 13, 2020 - A corrected amended complaint was filed.

June 4, 2020 - An amended complaint was filed.

November 1, 2019 - An investor in shares of Sealed Air Corporation (NYSE: SEE) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Sealed Air Corporation in connection with certain allegedly false and misleading statements made between November 5, 2014 and August 6, 2018.

Charlotte, NC based Sealed Air Corporation provides food safety and security, and product protection solutions worldwide. On August 6, 2018, during aftermarket hours, Sealed Air Corporation (NYSE: SEE) disclosed that it had received a subpoena for documents from the U.S. Securities and Exchange Commission, including requests concerning the company’s accounting for income taxes, financial reporting and disclosures and other matters.

On June 20, 2019, Sealed Air Corporation revealed that it fired CFO Bill Stiehl, after its internal audit committee conducted a review following the SEC subpoena.

According to the complaint the plaintiff alleges on behalf of purchasers of Sealed Air Corporation (NYSE: SEE) common shares between November 5, 2014 and August 6, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between November 5, 2014 and August 6, 2018, the defendants made false and misleading statements and/or failed to disclose adverse information regarding Sealed Air’s business, operations, and financial condition. Specifically, defendants failed to disclose that Sealed Air’s deduction of $1.49 billion in connection with a settlement of asbestos liabilities was indefensible and done for the improper purpose of artificially inflating Sealed Air’s financial results; that Sealed Air had switched auditors pursuant to a conflicted and improper process and in order to help facilitate defendants’ efforts to engage in accounting fraud; and that Sealed Air had artificially inflated its earnings, cash flows, and operating income between November 5, 2014 and August 6, 2018.