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.
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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.
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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 email@example.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.
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