Shareholder Alert: Robbins LLP Announces Sealed Air Corporation (SEE) Sued for Misleading Shareholders
November 04 2019 - 8:33PM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of Sealed Air Corporation (NYSE: SEE) filed a class
action complaint for alleged violations of the Securities Exchange
Act of 1934 between November 5, 2014 and August 6, 2018. Sealed Air
provides food safety and security, and product protection solutions
worldwide.
If you suffered a loss as a result of Sealed Air's misconduct,
click here.
Sealed Air Corporation (SEE) Accused of Misleading
Shareholders
According to the complaint, throughout the relevant period,
Sealed Air had issued a series of quarterly earnings releases and
SEC filings that touted increases in the Company's net earnings and
certified that all information disclosed had been accurately and
properly reported. Despite the Company's positive representations,
Sealed Air failed to disclose that its deduction of $1.49 billion
in 2014, which is still being contested by the IRS, had actually
been used to artificially inflate the Company's earnings, cash
flows, and operating income. As a result, Sealed Air's financial
statements were materially false and misleading. Consequently, on
August 6, 2018, Sealed Air revealed in its quarterly report on Form
10-Q that it had received a subpoena from the SEC requesting
documents concerning the Company's accounting for income taxes and
financial reporting and disclosures. On this news, the Company's
share price fell over 5% and continued to decline precipitously in
the days following, closing at just over $30 per share by October
2018. By August 2, 2019, the Company received its second SEC
subpoena and revealed in its Form 10-Q that the investigation had
expanded into a criminal inquiry. The stock has yet to recover.
Sealed Air Corporation (SEE) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20191104006093/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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