SAN FRANCISCO, Nov. 30, 2019 (GLOBE NEWSWIRE) -- Hagens Berman urges Sealed Air Corporation (SEE) investors who have suffered significant losses to submit their losses now to learn if they qualify to recover their investment losses. A securities fraud class action was recently filed on behalf of certain SEE investors against the company and senior executives.
Sealed Air Corporation (SEE) Securities Class Action:
The complaint alleges that Defendants concealed that Sealed Air’s deduction of $1.49 billion in connection with a settlement of asbestos liabilities was actually done for the improper purpose of artificially inflating the Company’s financial results. Moreover, the complaint alleges that Sealed Air fired one auditor and hired another for an improper purpose – namely, to facilitate Defendants’ efforts to engage in accounting fraud.
On August 6, 2018, Defendants revealed Sealed Air received a subpoena from the SEC concerning the Company’s accounting for income taxes, financial reporting, and disclosures. This news drove the price of Sealed Air shares down $2.19, or down over 5%, on August 7, 2018.
Thereafter, on June 20, 2019, the Company fired CFO William Stiehl for cause after completing an internal investigation and receiving a second SEC subpoena.
If you invested in Sealed Air between Nov. 5, 2014 and Aug. 6, 2018 (the “Class Period”) and suffered significant losses, you may qualify to be a lead plaintiff – one who selects and oversees the attorneys prosecuting the case. Contact Hagens Berman immediately for more information about the case and being a lead plaintiff.
“We’re focused on recovering investors’ substantial losses and holding Sealed Air and its senior management accountable for their alleged accounting fraud,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of SEE and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Sealed Air should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email SEE@hbsslaw.com.
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Reed Kathrein, 510-725-3000