Bubble Wrap maker under investigation by the SEC
In this Jan. 19, 2010, file photo, Sealed Air employee Eddie Ruiz moves giant rolls of Bubble Wrap at the company's plant in Saddle Brook, N.J. (AP Photo/Christopher Barth)
The Associated Press
Published Thursday, August 9, 2018 11:29AM EDT
CHARLOTTE, N.C. - The Bubble Wrap trademark holder and maker is under investigation by the Securities Exchange Commission.
The Charlotte Observer reports Sealed Air said in its second-quarter earnings report Monday that it received a subpoena on June 25 for accounting and financial reporting documents.
Sealed Air says it's co-operating with the SEC. A company spokeswoman declined to say what the SEC is looking into specifically.
The quarterly report also says Sealed Air is involved in "various other legal actions" that company officials don't believe will seriously affect its financial health.
The company experienced significant shake-ups last year, including the sale of certain businesses for about $3.2 billion, the replacement of its chief financial officer, and the departure of longtime CEO Jerome Peribere.
Sealed Air moved to Charlotte in 2014. It employs roughly 1,000 people there.