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.
On August 15, 2019, research firm Upslope Capital accused Sealed Air of making misleading earnings adjustments. Upslope stated that Sealed Air has inappropriately excluded “costly, never-ending Restructuring Programs,” totaling more than $500 million from its non-GAAP financials. Upslope concluded, “Underneath all the adjustments, SEE has not performed well - even in good economic times.” Based on this news, shares of Sealed Air traded down significantly on August 15, 2019.
Upslope’s report is the latest in a slew of recent news concerning Sealed Air’s questionable accounting practices. On June 20, 2019, Sealed Air terminated CFO Bill Stiehl for cause. Stiehl’s firing followed the company’s audit committee’s completion of an internal investigation. The internal investigation commenced after the SEC slapped two subpoenas on Sealed Air. The SEC’s investigation, which remains ongoing, concerns 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.
On August 2, 2019, the Company disclosed that it had received a separate subpoena from the DOJ, indicating Sealed Air may face criminal charges.
Finally, on August 14, 2019, Sealed Air abruptly terminated long-time auditor Ernst & Young.
“We’re focused on investors’ losses and whether the Company may have misled investors concerning the Company’s previously reported financial results,” said Hagens Berman partner Reed Kathrein.
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