NEW YORK, Jan. 30, 2020 /PRNewswire/ -- WeissLaw LLP, a national class action and shareholders' rights law firm with offices in New York, California and Georgia, announces an investigation of Sealed Air Corporation (NYSE: SEE) ("SEE," or the "Company").
If you own SEE shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
The investigation focuses on possible breaches of fiduciary duty and violations of federal securities laws by SEE's Board of Directors for the alleged dissemination of materially false and misleading information in connection with the Company's operations.
Specifically, the Company is alleged to have improperly deducted $1.49 billion in asbestos claims relating to its purchase of Cryovac, and to have used a conflicted process to hire its independent auditor. As a result of an internal investigation by the Company's Audit Committee, Senior Vice President and Chief Financial Officer William G. Stiehl, was fired for cause. Additionally, Stiehl and former director Lawrence R. Codey are alleged to have engaged in insider trading.
Additionally, the SEC issued a subpoena against SEE in June 2018 in connection with an improper tax deduction and related accounting practices. In June 2019, the SEC issued another subpoena for documents relating to the process SEE used for selecting its auditor. The U.S. Justice Department has also opened a criminal investigation into the Company.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected]
SOURCE WeissLaw LLP