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S.D. New York
Court
17 Nov 2014
Class period Start
20 Jun 2019
Class period End
27 Dec 2022
Claim deadline
UA Local 13 Pension Fund, et al. v. Sealed Air Corporation, et al.

Sealed Air agreed to pay $12,5 million to settle a securities class action lawsuit accusing the Company of deceiving investors about business, operations, and financial conditions.

The Complaint alleged the Company failed to disclose that:
  • 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;
  • The Company had switched auditors pursuant to a conflicted and improper process and in order to help facilitate efforts to engage in accounting fraud;
  • Sealed Air had artificially inflated its earnings, cash flows, and operating income.
Sealed Air agreed to settle with investors to avoid further litigation.
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Plaintiffs
UA Local 13 Pension Fund
Attorneys
Robbins Geller Rudman & Dowd LLP (Melville), Sullivan, Ward, Asher & Patton, P.C.,AsherKelly Blitman & King LLP Robbins Geller Rudman & Dowd LLP (Melville) Trevett Cristo P.C.
Judge
Hon.Louis L. Stanton
Administrator
Gilardi & Co LLC
Court hearing date
20 January 2023
+$12,500,000
Total Settlement Amount
Created by Stan Vick, Scout

Sealed Air Corporation

Sealed Air Corporation provides packaging solutions in the Americas, Europe, the Middle East, Africa, Asia, Australia, and NewZealand. It operates through two segments, Food and Protective. The Foo...

    Ticker
    SEE.US
    ISIN
    US81211K1007
    CIK
    1012100
    Sector
    Consumer Cyclical
    Industry
    Packaging & Containers
    Country
    USA
    Address
    2415 Cascade Pointe Boulevard, Charlotte, NC, United States, 28208