TUP INVESTOR ALERT: Bernstein Liebhard Announces that a Securities Class Action Lawsuit Has Been Filed Against Tupperware Bra...
February 26 2020 - 8:47PM
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 MGuarnero@bernlieb.com.
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 MGuarnero@bernlieb.com.
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.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New York 10016, (212) 779-1414. The
lawyer responsible for this advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not guarantee or
predict a similar outcome with respect to any future matter.
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version on businesswire.com: https://www.businesswire.com/news/home/20200226006070/en/
Matthew E. Guarnero Bernstein Liebhard LLP
https://www.bernlieb.com (877) 779-1414 MGuarnero@bernlieb.com
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