CHARLOTTE, N.C. - Sealed Air Corp. saw its stock drop 4.5% on Friday following news that the company fired its chief financial officer amid an ongoing probe by the U.S. Securities and Exchange Commission.
As CBJ previously reported, the packaging company said in a news release late Thursday that its board of directors has terminated the employment of CFO William Stiehl “for cause,” effective immediately. The decision is related to an internal review by the board’s audit committee in connection with a previously disclosed SEC investigation, the company said. It tapped James Sullivan to assume the CFO position as of Monday.
Sealed Air’s share price was at $41.70 at the closing bell on Friday, down from its close at $43.67 the day before. MarketWatch notes the price of shares was down as much as 6% at one point on Friday and that Bank of America Merrill Lynch downgraded the stock from buy to neutral.
A quick search of news releases Monday morning finds no shortage of law firms seeking to represent investors who might have suffered losses. At least a half-dozen firms say they are investigating whether Sealed Air misled investors or failed to disclose pertinent information.
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