Sealed Air Corporation (NYSE: SEE)
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Hagens Berman Sobol Shapiro LLP alerts investors in Sealed Air Corporation (NYSE: SEE) to the firm's investigation into possible securities law violations.
If you purchased or otherwise acquired securities of SEE between May 8, 2015 and June 20, 2019 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more infomation contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing SEE@hbsslaw.com.
The firm’s investigation concerns the veracity of Sealed Air’s financial reporting, which has given rise to intense regulatory scrutiny, an internal audit committee investigations, and now the recent firing of the Company’s Chief Financial Officer.
On June 20, 2019, after the market closed, Sealed Air announced that it had terminated CFO Bill Stiehl for cause. Stiehl’s firing comes following the audit committee’s completion of an internal investigation after the Company had received two separate subpoenas from the Securities Exchange Commission. Specifically, the SEC is investigating the Company’s (i) accounting for income taxes, financial reporting and disclosures and (ii) the selection of its audit firm along with the actual independence of that firm. Based on this news, shares of Sealed Air traded down significantly on June 21, 2019.
On July 15, 2019, KeyBank reportedly downgraded Sealed Air to underweight, citing demand weakness and other risks.
“We’re focused on investors’ losses, circumstances requiring Stiehl’s firing, and the extent to which the Company and senior management may have misled investors concerning the Company’s previously reported financial results,” said Hagens Berman partner Reed Kathrein.
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