According to the Complaint, Sealed Air Corporation is a manufacturer of packing materials based in Charlotte, North Carolina.

The Complaint alleges that during the Class Period, Defendants made false and misleading statements and/or failed to disclose adverse information regarding Sealed Air’s business, operations, and financial condition. Specifically, the Complaint alleges Defendants failed to disclose that Sealed Air’s deduction of $1.49 billion in connection with a settlement of asbestos liabilities was indefensible and done for the improper purpose of artificially inflating Sealed Air’s financial results; that Sealed Air had switched auditors pursuant to a conflicted and improper process and in order to help facilitate Defendants’ efforts to engage in accounting fraud; and that Sealed Air had artificially inflated its earnings, cash flows, and operating income during the Class Period.

On January 22, 2020, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on June 4. On July 13, Lead Plaintiffs filed a corrected amended Complaint. Defendants filed a Motion to Dismiss the amended Complaint on September 4. On June 1, 2021, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

On August 11, 2022, the parties notified the Court that they had reached an agreement in principle to Settle the case. The parties entered into a Stipulation and Agreement of Settlement on September 9. On September 14, the Court granted preliminary approval of the Settlement. On January 20, 2023, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.