Connect with us
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

News

INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against Tupperware Brands Corporation and Encourages Investors to Contact the Firm Before April 27

gbafNews28

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 Mexicos 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, Tupperwares 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 firms 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 LLPs website: www.kmllp.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kirby McInerney LLP

Thomas W. Elrod, Esq.

(212) 371-6600

investigations@kmllp.com

www.kmllp.com

Advertisement
Editorial & Advertiser disclosure

Call for Entries

Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Newsletters with Secrets & Analysis. Subscribe Now

Recommended

Global Banking & Finance Review® is a leading financial portal and Print Magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management. Copyright © 2010-2021 GBAF Publications Ltd - All Rights Reserved.