Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors and shareholders of Sealed Air Corporation (“Sealed Air” or the “Company”) (NYSE: SEE) to determine whether Sealed Air and certain of its executives violated federal securities laws.
On June 20, 2019, post-market, Sealed Air announced that the Company terminated its CFO, Bill Stiehl, for cause. The CFO’s termination came after Sealed Air commenced an internal investigation upon receiving subpoenas from the SEC. The SEC is investigating the Company’s selection and independence of its audit firm.
Specifically, Sealed Air reported the following:
On June 19, 2019, the Board of Directors (the “Board”) of Sealed Air Corporation . . . terminated the employment of William G. Stiehl as Chief Financial Officer for cause. Mr. Stiehl’s termination is related to an internal review by the Audit Committee of the Board in connection with the previously disclosed investigation by the U.S. Securities and Exchange Commission (“SEC”). This review followed the Company’s receipt of an additional subpoena for documents and information on May 2, 2019, relating to the process by which the Company selected its independent audit firm for the period beginning with fiscal year 2015, and relating to the independence of that audit firm. The Company is continuing to cooperate with the SEC’s investigation. [Emphasis added.]
On this news, Sealed Air shares traded down almost 5% on June 21, 2019, eliminating approximately $300 million of Sealed Air’s market capitalization.
If you purchased, or otherwise acquired, shares of Sealed Air and suffered losses, you are encouraged to complete the form on the right or contact either John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to discuss the securities investigation.