INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against Tupperware Brands Co...
February 28 2020 - 8:00PM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Central District of California on behalf of those who acquired
Tupperware Brands Corporation (“Tupperware” or the “Company”)
(NYSE: TUP) securities during the period from January 30, 2019
through February 24, 2020. Investors have until April 27, 2020 to
apply to the Court to be appointed as lead plaintiff in the
lawsuit.
The lawsuit alleges that the Company failed to disclose that:
(i) Tupperware lacked effective internal controls; (ii) as a
result, Tupperware would need to investigate Fuller Mexico’s
accounting and liabilities; (iii) consequently, Tupperware would be
unable to timely file its annual report on Form 10-K for its fiscal
year 2019; (iv) Tupperware did not properly account for its
accounts payable and accrued liabilities at Fuller Mexico; (v)
Tupperware provided overvalued earnings per share guidance; and
(vi) Tupperware would need relief from its $650 million Credit
Agreement.
On February 24, 2020, Tupperware announced that it would be
unable to timely file its annual report for the fiscal year ended
December 28, 2019. Tupperware also announced that 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. The
Company said results were affected by “financial reporting issues”
with 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, “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, or 45.6%, to
close at $3.11 per share on February 25, 2020.
If you acquired Tupperware securities, have information, or
would like to learn more about these claims, please contact Thomas
W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at
investigations@kmllp.com, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
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/20200228005583/en/
Kirby McInerney LLP Thomas W. Elrod, Esq. (212) 371-6600
investigations@kmllp.com www.kmllp.com
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