PHILADELPHIA, Feb. 26, 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.
If you purchased or otherwise acquired Tupperware securities
between January 30, 2019 and
February 24, 2020 (the "Class
Period"), you are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804,
myarnoff@kehoelawfirm.com, info@kehoelawfirm.com, or
John Kehoe, Esq, (215) 792-6676,
Ext. 801, jkehoe@kehoelawfirm.com, to learn more about the
Tupperware securities investigation or your potential legal
claims.
On February 25, 2020, a class
action lawsuit was filed in United
States District Court, Central District of California, against Tupperware Brands
Corporation and other Company executives. According to the
complaint, Defendants, allegedly, 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' public statements were materially
false and/or misleading at all relevant times.
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.