NEW YORK–(BUSINESS WIRE)–Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Tupperware Brands Corporation (“Tupperware” or the “Company”) (NYSE: TUP) between January 30, 2019 and February 25, 2020, (the “Class Period”). The case was filed in United States District Court for the Central District of California and alleges violations of Securities Exchange Act of 1934.
If you purchased Tupperware securities, and/or would like to discuss your legal rights and options please visit Tupperware Shareholder Class Action or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
According to the complaint, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Tupperware lacked effective internal controls; (2) as a result, Tupperware would need to investigate Fuller Mexico’s accounting and liabilities; (3) consequently, Tupperware would be unable to timely file its annual report on Form 10-K for its fiscal year 2019; (4) Tupperware did not properly account for its accounts payable and accrued liabilities at Fuller Mexico; (5) Tupperware provided overvalued earnings per share guidance; (6) Tupperware would need relief from its $650 million Credit Agreement; and (7) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On February 24, 2020, after the market closed, Tupperware issued a press release announcing that it was unable to timely file its annual report for the fiscal year ending December 28, 2019. Tupperware also announced that its results were affected by financial reporting issues with Fuller Mexico and that Tupperware was conducting an “investigation primarily into the accounting for accounts payable and accrued liabilities at its Fuller Mexico beauty business[.]” Additionally, “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.”
On this news, Tupperware’s stock price fell $2.61 per share, or over 45%, to close at $3.11 per share on February 25, 2020.
If you purchased Tupperware securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/tupperwarebrandscorporation-tup-shareholder-class-action-lawsuit-254/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
If you wish to serve as lead plaintiff, you must move the Court no later than April 27, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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