On or around 07/13/2020 (Date of last review)
Filing Date: November 01, 2019
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.
Company & Securities Information
Defendant: Sealed Air Corporation
Sector: Basic Materials
Industry: Containers & Packaging
Headquarters: United States
Ticker Symbol: SEE
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
UA Local 13 & Employers Group Insurance Fund, et al. v. Sealed Air Corporation, et al.