BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith continues its investigation on behalf Tupperware Brands Corporation (“Tupperware” or the “Company”) (NYSE: TUP) investors concerning the Company and its officers’ possible violations of federal securities laws.
On February 24, 2020, after the market closed, Tupperware issued a press release announcing preliminary financial results for fiscal 2019. Therein, the Company disclosed an “investigation primarily into the accounting for 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. Moreover, due to the investigation, Tupperware stated that it could not timely file its annual report on Form 10-K for fiscal 2019. The Company said 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, which is below consensus estimates of $2.79.
On this news, Tupperware’s stock price fell $2.61, or nearly 46%, to close at $3.11 per share on February 25, 2020, on unusually heavy trading volume.
If you purchased Tupperware securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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