PHILADELPHIA, March 2, 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") and suffered more than $50,000 in losses, 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 28, 2020, a class
action lawsuit was filed in United
States District Court, Middle District of Florida, against Tupperware Brands Corporation
and other Company executives. According to the complaint,
throughout the Class Period, [Tupperware] Defendants made
materially false and/or misleading statements, as well as failed to
disclose material adverse facts about the Company's business,
operations, and prospects. Specifically, [Tupperware] Defendants
failed to disclose to investors: (1) Tupperware lacked effective
internal controls; (2) there were accounting irregularities
relating to the Company's Fuller Mexico business; (3) as a result
of the above, Tupperware would need to investigate those accounting
irregularities and be unable to timely file its 2019 annual report;
(4) Tupperware would need relief from its $650 million Credit Agreement; (5) Tupperware
provided overvalued earnings per share guidance; and (6) as a
result of the above, 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 suffered more than $50,000 in Tupperware securities losses and 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.