Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement in the Sealed Air Securities Litigation

By: Robbins Geller Rudman & Dowd LLP via Business Wire

October 05, 2022 at 08:00 AM EDT

The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Sealed Air Securities Litigation:

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK

	X
UA LOCAL 13 & EMPLOYERS GROUP	:	Civil Action No. 1:19-cv-10161-LLS-RWL
INSURANCE FUND, Individually and on	:
Behalf of All Others Similarly Situated,	:	CLASS ACTION
Plaintiff,	:
vs.	:	SUMMARY NOTICE
SEALED AIR CORPORATION and	:
WILLIAM G. STIEHL,	:
Defendants.	:
	:
	X

TO:

ALL PERSONS AND ENTITIES WHO PURCHASED OR ACQUIRED THE COMMON STOCK OF SEALED AIR CORPORATION (“SEALED AIR”) DURING THE PERIOD FROM NOVEMBER 17, 2014 TO JUNE 20, 2019, INCLUSIVE

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing will be held on January 20, 2023, at 2:00 p.m., before the Honorable Louis L. Stanton, United States District Judge, at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007, for the purpose of determining: (1) whether the proposed Settlement of the above-captioned Action, as set forth in the settlement agreement reached between the parties, consisting of Twelve Million Five Hundred Thousand Dollars ($12,500,000.00) in cash, should be approved as fair reasonable, and adequate to the Members of the Class; (2) whether the release by Class Members of claims as set forth in the settlement agreement should be authorized; (3) whether the proposed plan to distribute the settlement proceeds (the “Plan of Allocation”) is fair, reasonable, and adequate; (4) whether the application by Plaintiffs’ counsel for an award of attorneys’ fees and expenses and any awards to Plaintiffs pursuant to 15 U.S.C. §78u-4(a)(4) should be approved; and (5) whether the Judgment, in the form attached to the settlement agreement, should be entered.

Please note that the date, time and location of the settlement hearing are subject to change without further notice. If you plan to attend the hearing, you should check the docket or contact Lead Counsel (identified below) to be sure that no change to the date, time or location of the hearing has been made.

IF YOU PURCHASED OR ACQUIRED ANY OF THE COMMON STOCK OF SEALED AIR DURING THE PERIOD FROM NOVEMBER 17, 2014 TO JUNE 20, 2019, INCLUSIVE, YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION.

If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release form (“Proof of Claim”), you may obtain copies by writing to Sealed Air Securities Litigation, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 6181, Novato, CA 94948-6181, or on the internet at www.SealedAirSecuritiesLitigation.com.

If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim by mail (postmarked no later than December 27, 2022) or submitted electronically (received no later than December 27, 2022), establishing that you are entitled to recovery. Unless the deadline is extended, your failure to submit your Proof of Claim by the above deadline will preclude you from receiving any payment from the Settlement.

If you are a Class Member and you desire to be excluded from the Class, you must submit a request for exclusion such that it is postmarked no later than December 30, 2022, in the manner and form explained in the detailed Notice, referred to above. All Members of the Class who do not timely and validly request exclusion from the Class will be bound by any judgment entered in the Action pursuant to the Stipulation and Agreement of Settlement.

Any objection to the Settlement, the Plan of Allocation, or the fee and expense application must be mailed to each of the following recipients, such that it is received no later than December 30, 2022:

CLERK OF THE COURT

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK

DANIEL PATRICK MOYNIHAN

UNITED STATES COURTHOUSE

500 Pearl Street

New York, NY 10007

Lead Counsel:

ROBBINS GELLER RUDMAN

& DOWD LLP

ROBERT M. ROTHMAN

58 South Service Road, Suite 200

Melville, NY 11747

Defendants’ Counsel:

HOLWELL SHUSTER & GOLDBERG LLP

VINCENT G. LEVY

425 Lexington Avenue

New York, NY 10017

COOLEY LLP

WILLIAM SCHWARTZ

55 Hudson Yards

New York, NY 10001

PLEASE DO NOT CONTACT THE COURT, THE CLERK’S OFFICE OR DEFENDANTS REGARDING THIS NOTICE. If you have any questions about the Settlement, you may contact Lead Counsel at the address listed above or by an e-mail to Lead Counsel at settlementinfo@rgrdlaw.com. Copies of certain pleadings and other documents filed in the Action can also be found at www.SealedAirSecuritiesLitigation.com.

DATED: September 14, 2022

BY ORDER OF THE COURT

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK