CHARLOTTE, N.C. (From news reports) -- 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 it was 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 has 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.
However, the stock price remains more than 17.6% higher than where it ended last year.
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.
The Wall Street Journal notes that Sealed Air disclosed the SEC probe last summer. The company says it is cooperating with the investigation.
Until recently, Sealed Air had been among the Charlotte region's Fortune 500 companies, but it has since fallen off that revenue-based list. The company keeps its headquarters at a newly built campus in LakePoint Corporate Center in southwest Charlotte. It reported $4.7 billion in sales in 2018 and so far this year has announced two acquisitions.
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