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Sealed Air Says SEC Doesn't Plan To Pursue Any Enforcement Action After Probe

The U.S. Securities and Exchange Commission staff notified Sealed Air Corp. (SEE) that it does not intend to pursue any enforcement action against the company.

Separately, the SEC filed two settled orders arising out of the same investigation for conduct related to the process by which Ernst & Young LLP or "EY" was selected as Sealed Air's auditor and related to EY's independence in connection with its audit of the Company's financial statements for fiscal year 2015.

The SEC issued one order against the company's former CFO, William Stiehl, and one order against EY and one current and two former partners of EY. Sealed Air terminated its former CFO in June 2019 and terminated EY's engagement as auditor in August 2019.

The Securities and Exchange Commission charged accounting firm Ernst & Young LLP (EY), one of its partners, and two of its former partners with improper professional conduct for violating auditor independence rules in connection with EY's pursuit to serve as the independent auditor for a public company with nearly $5 billion in revenue or issuer.

Separately, the Commission brought charges against the Issuer's then-Chief Accounting Officer for his role in the misconduct. All respondents have agreed to settle the charges and will collectively pay more than $10 million in monetary relief.

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