The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Sealed Air Corp. Investors (S...
December 23 2019 - 6:56PM
Business Wire
The Law Offices of Frank R. Cruz (“FRC”) announces that a class
action lawsuit has been filed on behalf of Sealed Air Corporation
(“Sealed Air” or the “Company”) (NYSE: SEE) securities between
November 5, 2014 and August 6, 2018, inclusive (the
“Class Period”). Sealed Air investors have until January 2,
2020 to file a lead plaintiff motion.
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 during the Class Period,
you may move the Court no later than January 2, 2020 to ask
the Court to appoint you as lead plaintiff. To be a member of the
Class you need not take any action at this time; you may retain
counsel of your choice or take no action and remain an absent
member of the Class. 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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version on businesswire.com: https://www.businesswire.com/news/home/20191223005607/en/
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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