Shareholder Alert: Robbins LLP Announces Lawsuit Filed Against Sealed Air Corporation for Inspection of Documents (SEE)
November 18 2019 - 3:33PM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of Sealed Air Corporation (NYSE: SEE) filed a complaint
seeking to inspect the Company's books and records to determine if
its officers and directors breached fiduciary duties and/or engaged
in gross mismanagement. 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's (SEE) Accounting Practices
Investigated
According to the complaint, Sealed Air's accounting policies
have made it the subject of an SEC investigation for more than a
year. The SEC is investigating the Company's accounting for income
taxes, financial reporting and disclosures, and process for
selecting its independent audit firm. As a result of the
investigation, the SEC has shed light on severe problems with
Sealed Air's accounting practices that suggest it does not comply
with Generally Accepted Accounting Principles ("GAAP"). In May
2019, Sealed Air created an audit committee to conduct an internal
review that led to the termination of its CFO "for cause" and the
replacement of its independent financial auditor. Finally, on
August 2, 2019, the Company revealed it had received the Grand Jury
Subpoena from the U.S. Attorney for the U.S. District Court for the
Western District of North Carolina, suggesting the government may
be considering indicting Sealed Air. As a result of the
investigations, a shareholder of Sealed Air requested the
production of all board materials concerning the audit committee's
internal review and the SEC and Grand Jury subpoenas, among other
things. Because the Company has failed to produce the requested
documents, the shareholder has filed an action with the court.
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/20191118005833/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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