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.