| COMPANY |
Sealed Air Corporation |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
19-cv-10161 |
| JUDGE |
The Honorable Louis Lee Stanton |
| CLASS PERIOD |
November 7, 2014 - June 20, 201 |
| SECURITY TYPE |
Common Stock |
Case Background:
On November 01, 2019, the initial complaint in this securities class action was filed against Sealed Air Corporation (“Sealed Air” or the “Company”), and certain of Sealed Air’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action on behalf of all purchasers of Sealed Air common stock between November 17, 2014 and June 20, 2019, both dates inclusive (the “Class Period”).
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 that Defendants failed to disclose that: (1) 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; (2) 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 (3) Sealed Air had artificially inflated its earnings, cash flows, and operating income during the Class Period.
Current Status of Case:
On June 4, 2020, Lead Plaintiffs filed an amended complaint (the “Amended Complaint”). On June 1, 2021, the Court issued an Order and Opinion granting in part and denying in part the Motion to Dismiss. On January 20, 2023, the Court approved the Settlement of the action. This action has concluded.
The deadline to file a claim is December 27, 2022. You may find additional information regarding the terms of the settlement and claim filing process at www.SealedAirSecuritiesLitigation.com or by calling the claims administrator, Gilardi & Co., at 1-888-750-4955.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.