CHARLOTTE, N.C. - Sealed Air Corp. had a mix of good and bad news in a second-quarter report headlined by new details of federal investigations of its financial reporting and the independence of its auditors that it first acknowledged last month.
The company declined to comment on the investigation during its second-quarter conference call Friday beyond saying it takes "financial reporting controls and compliance very seriously" and is "fully cooperating" with the investigations. However, its quarterly Securities and Exchange Commission filing stated that Sealed Air had received from the commission "subpeonas and requests (that) seek documents and information regarding the Company's accounting for income taxes, its financial reporting and disclosures, the process by which the Company selected its independent audit firm beginning with fiscal year 2015, the independence of that audit firm, and other matters."
It goes on to say, "Following the announcement on June 20, 2019 that the company had terminated the employment of William G. Stiehl as chief financial officer, the Company received a Grand Jury subpoena from the United States Attorney's Office for the Western District of North Carolina ... seeking documents relating to that termination and relating to the process by which the Company selected its independent audit firm beginning with fiscal year 2015."
Sealed Air warns that more requests and subpoenas may be coming and acknowledges "we could potentially be subject to fines, penalties or other adverse consequences, and our business and financial condition could be adversely impacted."
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