LOS ANGELES–(BUSINESS WIRE)–$TUP #TUP—The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Tupperware Brands Corporation (“Tupperware” or “the Company”) (NYSE: TUP) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Tupperware admitted via a press release issued February 24, 2020, that it would be incapable of filing its annual report for the fiscal year ending December 28, 2019, in a timely manner. The Company stated that it expects 2019 net earnings per share “in the range of breakeven to $0.34 versus $3.11 in the prior year” and adjusted EPS of $1.35 to $1.70. According to the Company, its Fuller Mexico business suffered “financial reporting issues,” and stated that it is “conducting an investigation primarily into the accounting for accounts payable and accrued liabilities at its Fuller Mexico beauty business.” It added, “the Company is forecasting a need for relief concerning its existing leverage ratio covenant in its $650 million Credit Agreement dated March 29, 2019, to avoid a potential acceleration of the debt, which could have a material adverse impact on the Company.” Based on this news, shares of Tupperware fell by more than 42% during intraday trading on February 25, 2020.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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