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SEE.US
id: 330, Created by Stan Vick Chase, Scout
Sealed Air Corporation
Settled
17 November 2014
Class period Start20 June 2019
Class period End27 December 2022
Claim deadlineUA 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
Lead plaintiff
UA Local 13 Pension Fund
Attorney
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.
Court
Southern District of New York
Judge
Hon.Louis L. Stanton
Administrator
Gilardi & Co LLC
Court hearing date
20 January 2023
+$12,500,000
Total Settlement Amount