Welcome to the Sealed Air Securities Litigation Website
This website has been established to provide general information related to the proposed settlement of the case captioned UA Local 13 & Employers Group Insurance Fund v. Sealed Air Corporation and William G. Stiehl, Civil Action No. 1:19-cv-10161-LLS-RWL (the "Litigation"), pending before the United States District Court for the Southern District of New York (the "Court"). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation and Agreement of Settlement (the "Stipulation") dated September 9, 2022, which can be found and downloaded by clicking on the Case Documents tab above. Your rights may be affected by the Settlement if you purchased or otherwise acquired Sealed Air Corporation ("Sealed Air" or the "Company") common stock from November 17, 2014 to June 20, 2019, inclusive.
The law firm of Robbins Geller Rudman & Dowd LLP was appointed to represent all Class Members. These lawyers are called Lead Counsel. You will not be separately charged for the services of these lawyers. The Court will determine the amount of Lead Counsel’s fees and expenses. Any fees and expenses awarded by the Court will be paid from the Settlement Fund. If you want to be represented by your own lawyer, you may hire one at your own expense.
WHAT IS THIS LAWSUIT ABOUT?
As more fully described in the Notice of Pendency and Proposed Settlement of Class Action (the "Notice"), Plaintiffs alleged that Defendants Sealed Air and William G. Stiehl violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The Complaint alleged that Defendants violated the federal securities law by allegedly misrepresenting and/or failing to make required disclosures about the process by which the Company selected its independent auditor in 2014 and Sealed Air’s financial reporting and disclosures.
On May 17, 2022, the parties participated in a mediation of the Action before David M. Murphy, Esq., a nationally recognized mediator, but were unable to reach an agreement. The Settling Parties continued good faith settlement negotiations. The mediator made a mediator’s recommendation that the case be settled for $12,500,000.00. On August 11, 2022, the parties agreed to accept the mediator’s recommendation.
WHAT DOES THE SETTLEMENT PROVIDE?
The Settlement, if approved, will provide Twelve Million Five Hundred Thousand Dollars ($12,500,000) (the “Settlement Amount”). The Settlement Amount and any interest it earns constitute the “Settlement Fund.” The Settlement Fund, after deduction of Court-approved attorneys’ fees and expenses, Notice and Administration Expenses, Taxes, and any other fees or expenses approved by the Court, is the “Net Settlement Fund.” If the Settlement is approved by the Court, the Net Settlement Fund will be distributed to eligible Authorized Claimants.
ADDITIONAL INFORMATION
Although the information in this website is intended to assist you, it does not replace the information contained in the Notice and Stipulation, both of which can be found and downloaded by clicking on the Case Documents tab above. We recommend that you read the Notice and other relevant case documents carefully.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
| SUBMIT A PROOF OF CLAIM FORM POSTMARKED NO LATER THAN DECEMBER 27, 2022. |
This is the only way to be potentially eligible to receive a payment from the Settlement. |
| EXCLUDE YOURSELF FROM THE CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION POSTMARKED NO LATER THAN DECEMBER 30, 2022. |
Get no payment. This is the only option that allows you to ever be part of any other lawsuit against the Defendants concerning the claims that were, or could have been, asserted in this case. It is also the only way for Class Members to remove themselves from the Class. If you are considering excluding yourself from the Class, please note that there is a risk that any new claims asserted against the Defendants would be time-barred. You should talk to a lawyer before you request exclusion from the Class for the purpose of bringing a separate lawsuit. See page 9 in the Notice. |
| OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN DECEMBER 30, 2022. |
Write to the Court and explain why you do not like the Settlement, the proposed Plan of Allocation, and/or the request for attorneys’ fees and expenses or awards to the Plaintiffs. In order to object, you must remain a Member of the Class, may not exclude yourself, and you will be bound by the Court’s determinations. |
| GO TO THE HEARING ON JANUARY 20, 2023 AT 2:00 P.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN DECEMBER 30, 2022. |
Ask to speak in Court about the fairness of the Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and expenses. |
| DO NOTHING |
You will not be eligible to receive a payment from the Settlement, you will give up your rights, and you will still be bound by the Settlement. |
IMPORTANT DATES AND DEADLINES
| Submit Proof of Claim and Release: |
December 27, 2022 |
| File Objection: |
December 30, 2022 |
| Exclude Yourself: |
December 30, 2022 |
| Court Hearing on Fairness of Settlement: |
January 20, 2023, at 2:00 p.m. |