SAN DIEGO & ORLANDO, Fla.–(BUSINESS WIRE)–$TUP #ClassAction–Shareholder rights law firm Robbins LLP reminds investors it is investigating whether certain officers and directors of Tupperware Brands Corporation (NYSE: TUP) violated federal securities laws. Tupperware operates as a direct-to-consumer marketer of various products across a range of brands and categories in various regions.
If you suffered a loss as a result of Tupperware’s misconduct, click here.
Tupperware Brands Corporation (TUP) Fails to File Annual Report On Time
On February 24, 2020, Tupperware announced that it would be unable to file its annual report for fiscal year ended December 28, 2019. The Company stated that the results were affected by “financial reporting issues” with its Fuller Mexico segment. Total impairments for Fuller Mexico are expected to be approximately $31 million. Tupperware is now currently conducting an investigation into accounting for its accounts payable and accrued liabilities at Fuller Mexico and the matter is $9-$11 million of the total expected $19-$21 million full year impact. Tupperware also stated “the Company is forecasting a need for relief concerning …its $650 million credit agreement… to avoid a potential acceleration of debt, which could have a material adverse impact on the Company.” On this news, Tupperware’s stock price fell 45.6% to close at $3.11.
Tupperware Brands Corporation (TUP) Shareholders Have Legal Options
Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
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