Le Lézard
Classified in: Business
Subject: ATY

SEE Shareholder Alert: Research Firm Accuses Sealed Air Corporation (SEE) Of Abusing Non-GAAP Measures


SAN FRANCISCO, Aug. 15, 2019 /PRNewswire/ -- Hagens Berman reminds investors in Sealed Air Corporation (NYSE: SEE) of the firm's ongoing investigation of possible disclosure violations.

Hagens Berman Sobol Shapiro LLP

If you purchased or otherwise acquired Sealed Air securities before August 15, 2019 and suffered losses or have information that may assist this investigation contact Hagens Berman:

https://www.hbsslaw.com/cases/SEE

or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing

mailto:SEE@hbsslaw.com.

The firm's investigation concerns the veracity of Sealed Air's financial reporting.

On August 15, 2019, research firm Upslope Capital accused Sealed Air of making misleading earnings adjustments. Upslope stated that Sealed Air has inappropriately excluded "costly, never-ending Restructuring Programs," totaling more than $500 million from its non-GAAP financials. Upslope concluded, "Underneath all the adjustments, SEE has not performed well - even in good economic times."  Based on this news, shares of Sealed Air traded down significantly on August 15, 2019.

Upslope's report is the latest in a slew of recent news concerning Sealed Air's questionable accounting practices. On June 20, 2019, Sealed Air terminated CFO Bill Stiehl for cause. Stiehl's firing followed the company's audit committee's completion of an internal investigation. The internal investigation commenced after the SEC slapped two subpoenas on Sealed Air. The SEC's investigation, which remains ongoing, concerns the Company's (i) accounting for income taxes, financial reporting and disclosures and (ii) the selection of its audit firm along with the actual independence of that firm.

On August 2, 2019, the Company disclosed that it had received a separate subpoena from the DOJ, indicating Sealed Air may face criminal charges.

Finally, on August 14, 2019, Sealed Air abruptly terminated long-time auditor Ernst & Young.

"We're focused on investors' losses and whether the Company may have misled investors concerning the Company's previously reported financial results," said Hagens Berman partner Reed Kathrein.

Whistleblowers: Persons with non-public information regarding SEE should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email mailto:SEE@hbsslaw.com.

About Hagens Berman
Hagens Berman is a national law with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact:
Reed Kathrein, 510-725-3000

 

SOURCE Hagens Berman Sobol Shapiro LLP


These press releases may also interest you

at 11:10
Cheapquotesautoinsurance.com has launched a new blog post that explains what is new-car replacement insurance and why drivers should purchase it. For more info and free car insurance quotes, visit...

at 09:00
K1 Speed, the world's premier indoor kart racing attraction, is excited to announce today the opening of its first US franchise location in Bend, Oregon. This location also set a new franchise record for the company, as the project went from...

at 09:00
Skye Recruitment Solutions, a search firm that finds and places manufacturing executives and professionals in North America, announces today that Sue Graef has joined the organization as Vice President of Quality. Sue is a seasoned recruiting and...

at 07:00
Authors Gopal Nayak and Mahendra Kumar Trivedi were recognized with International No. 1 best-selling author status for the scientific research book "Impact of Biofield Treatment on Growth and Anatomical Characteristics of Pogostemon cablin (Benth.)...

at 07:00
Note: All times local   Biarritz, France 9:30 a.m. The Prime Minister will participate in the G7 Working Session I. Centre des Congrès Bellevue Place Bellevue Note for media: Pooled photo opportunity and host broadcast coverage12:15 p.m. The Prime...

24 aoû 2019
Note: All times local   Biarritz, France 9:30 a.m. The Prime Minister will participate in the G7 Working Session I. Centre des Congrès Bellevue Place Bellevue Note for media: Pooled photo opportunity and host broadcast coverage12:15 p.m. The Prime...



News published on 15 august 2019 at 21:07 and distributed by: