The Law Offices of Frank R. Cruz Announces Investigation on Behalf of Sealed Air Corporation Investors (SEE)
December 23 2019 - 11:06AM
Business Wire
The Law Offices of Frank R. Cruz (“FRC”) announces an
investigation on behalf of Sealed Air Corporation (“Sealed Air” or
the “Company”) (NYSE: SEE) investors concerning the Company and its
officers’ possible violations of federal securities laws.
If you are a shareholder who suffered a loss, click here to
participate.
On August 6, 2018, the Company revealed that it had received a
subpoena from the U.S. Securities and Exchange Commission (“SEC”)
regarding Sealed Air’s accounting for income taxes and financial
reporting and disclosures.
On this news, the Company’s share price fell $2.19 per share, or
over 5%, to close at $41.00 per share on August 7, 2018, thereby
injuring investors.
Then, on June 20, 2019, after the market closed, Sealed Air
announced that it had terminated for cause its Chief Financial
Officer, William G. Stiehl, following an internal review by the
Audit Committee. According to the Company, this review is related
to another SEC subpoena regarding the selection of the Company’s
independent auditor, Ernst & Young (“E&Y”) and the
independence of E&Y.
On this news, the Company’s share price fell $1.97 per share, or
nearly 5%, to close at $41.70 per share on June 21, 2019, thereby
injuring investors further.
Then, on August 2, 2019, Sealed Air revealed that the
investigation by government authorities had expanded into a
criminal inquiry that included the circumstances surrounding
Stiehl’s termination.
Then, on August 12, 2019, Sealed Air announced that it replaced
E&Y as its auditor due to the pending investigations and to
allow for an orderly transition in auditors.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Sealed Air securities, have information or
would like to learn more about these claims, or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Frank R. Cruz, of FRC,
1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067
at 310-914-5007, by email to fcruz@frankcruzlaw.com, or visit our
website at www.frankcruzlaw.com. If you inquire by email please
include your mailing address, telephone number, and number of
shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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