The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Tupperware Brands Corp. Inves...
February 26 2020 - 8:17PM
Business Wire
The Law Offices of Frank R. Cruz announces that a class action
lawsuit has been filed on behalf of persons and entities that
purchased or otherwise acquired Tupperware Brands Corporation
(“Tupperware” or the “Company”) (NYSE: TUP) securities between
January 30, 2019 and February 24, 2020, inclusive (the
“Class Period”). Tupperware investors have until April 27,
2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to
participate.
On February 24, 2020, after the market closed, Tupperware issued
a press release announcing preliminary financial results for fiscal
2019. Therein, the Company disclosed an “investigation primarily
into the accounting for accounts payable and accrued liabilities at
its Fuller Mexico beauty business” and estimated that the pre-tax
impact of these issues would be approximately $50 million to $52
million. Moreover, due to the investigation, Tupperware stated that
it could not timely file its annual report on Form 10-K for fiscal
2019. The Company said 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, which is below consensus
estimates of $2.79. Finally, Tupperware expected “a need for relief
concerning its existing leverage ratio covenant in its $650 million
Credit Agreement.”
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, on
unusually heavy trading volume.
The complaint alleges that defendants throughout the Class
Period made false and/or misleading statements and/or failed to
disclose: (1) that Tupperware lacked effective internal controls;
(2) that, as a result, Tupperware would need to investigate Fuller
Mexico’s accounting and liabilities; (3) that, consequently,
Tupperware would be unable to timely file its annual report on Form
10-K for its fiscal year 2019; (4) that Tupperware did not properly
account for its accounts payable and accrued liabilities at Fuller
Mexico; (5) that Tupperware provided overvalued earnings per share
guidance; (6) that Tupperware would need relief from its $650
million Credit Agreement; and (7) that, as a result, Defendants’
public statements were materially false and/or misleading at all
relevant times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Tupperware securities during the Class Period,
you may move the Court no later than April 27, 2020 to ask
the Court to appoint you as lead plaintiff. To be a member of the
Class you need not take any action at this time; you may retain
counsel of your choice or take no action and remain an absent
member of the Class. If you purchased Tupperware securities, have
information or would like to learn more about these claims, or have
any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Frank R.
Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the
Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007,
by email to info@frankcruzlaw.com, or visit our website at
www.frankcruzlaw.com. If you inquire by email please include your
mailing address, telephone number, and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200226006062/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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