PHILADELPHIA, Feb. 25, 2020 /PRNewswire/ -- Kehoe Law
Firm, P.C. is investigating potential securities claims on behalf
of shareholders of Tupperware Brands Corporation ("Tupperware" or
the "Company") (NYSE: TUP) resulting from allegations that
Tupperware may have issued materially misleading business
information to the investing public.
On February 24, 2020, post-market,
Tupperware issued a press release announcing it will need an
extension within which to timely file its annual report (Form 10-K)
for the fiscal year ended December 28,
2019. Tupperware also announced 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-$1.70 versus
$4.30 in the prior year."
Tupperware said results were affected by "financial reporting
issues in Fuller Mexico" and that Tupperware is "conducting an
investigation primarily into the accounting for accounts payable
and accrued liabilities at its Fuller Mexico beauty business[.]"
Additionally, "[Tupperware] 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 dropped significantly,
and on February 25, 2020,
Tupperware's stock was down as much as 45%.
If you wish to discuss Kehoe Law Firm's Tupperware securities
investigation or have questions about your potential legal rights,
please contact either John Kehoe,
Esq, (215) 792-6676, Ext. 801, jkehoe@kehoelawfirm.com, or
Michael Yarnoff, Esq., (215)
792-6676, Ext. 804, myarnoff@kehoelawfirm.com,
info@kehoelawfirm.com, to learn more about the investigation or
potential legal claims.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary,
plaintiff–side law firm dedicated to protecting investors from
securities fraud, breaches of fiduciary duties, and corporate
misconduct. Combined, the partners at Kehoe Law Firm have
served as Lead Counsel or Co-Lead Counsel in cases that have
recovered more than $10 billion
dollars on behalf of institutional and individual
investors.
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SOURCE Kehoe Law Firm, P.C.