OAKLAND, Calif.--(BUSINESS WIRE)--Tupperware Brands Corporation shares plummeted over 45% to a record low after the company announced an investigation into its financial accounting, disclosed a 2019 profit shortfall and admitted it is expecting a need for relief from creditors on a covenant for $650 million of debt. Gibbs Law Group is investigating a potential Tupperware Class Action Lawsuit on behalf of investors who lost money in Tupperware Brands Corporation (NYSE: TUP).
To speak with an attorney regarding this class action lawsuit investigation, click here or call (888) 410-2925.
On February 24, 2020 after the market closed, Tupperware issued a press release in which it disclosed that it is conducting a financial accounting investigation related primary to 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. The company also stated that the investigation is intended to “determine the extent to which these matters may further impact results…”
In addition to confirming it will not be able to file its 10-K on time, Tupperware announced that it expects 2019 adjusted earnings per share to be in the range of $1.35 to $1.70, significantly below the consensus estimate of $2.79. The company also disclosed that it would likely need to seek relief on a leverage ratio covenant in its $650 million credit agreement.
On this news, Tupperware’s stocks plummeted over 45% on February 25, 2020, causing significant harm to investors.
What Should Tupperware Investors Do?
If you invested in Tupperware Brands Corporation, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether Tupperware has violated federal securities laws.
About Gibbs Law Group
Gibbs Law Group represents individual and institutional investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” and “Top Cybersecurity/ Privacy Attorneys Under 40.”
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