Sealed Air Corporation
| Company Name | Sealed Air Corporation |
| Stock Symbol | SEE |
| Class Period | November 05, 2014 to August 06, 2018 |
| Lead Plaintiff Motion Deadline | January 02, 2020 |
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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