Sealed Air Corporation
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Sealed Air Corporation (“Sealed Air” or the “Company”) (NYSE: SEE) securities during the period from November 5, 2014 through August 6, 2018 (the “Class Period”). Investors have until January 2, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Sealed Air failed to disclose that: (i) the Company’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; (ii) 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 (iii) Sealed Air had artificially inflated its earnings, cash flows, and operating income during the Class Period.
On August 6, 2018, Sealed Air filed its quarterly report on Form 10-Q for the second quarter of 2018, which revealed that the Company had received a subpoena from the SEC requesting documents and information concerning the Company’s accounting for income taxes and financial reporting and disclosures. On this news, Sealed Air’s share price fell $2.19, about 5.1%, to close at $41.00 on August 7, 2018.
On June 20, 2019, after the market closed, the Company announced that it had fired its Chief Financial Officer, following an internal review by the Audit Committee. According to the Company, this review was related to an SEC subpoena regarding the selection of the Company’s independent audit firm and the actual independence of that firm. On this news, Sealed Air’s share price fell $1.97, about 4.5%, to close at $41.70 on June 21, 2019.
If you acquired Sealed Air securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.