LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that purchased Tupperware Brands Corporation (“Tupperware” or the “Company”) (NYSE: TUP) securities between January 30, 2019 and February 24, 2020, inclusive (the “Class Period”). Tupperware investors have until April 27, 2020 to file a lead plaintiff motion.
If you suffered a loss on your Tupperware investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email email@example.com or visit our website at www.glancylaw.com to learn more about your rights.
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. Finally, Tupperware expected “a need for relief concerning its existing leverage ratio covenant in its $650 million Credit Agreement.”
On this news, Tupperware’s stock price fell $2.61 per share, or over 45%, to close at $3.11 per share on February 25, 2020, on unusually heavy trading volume.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) that Tupperware lacked effective internal controls; (2) that, as a result, Tupperware would need to investigate Fuller Mexico’s accounting and liabilities; (3) that, consequently, Tupperware would be unable to timely file its annual report on Form 10-K for its fiscal year 2019; (4) that Tupperware did not properly account for its accounts payable and accrued liabilities at Fuller Mexico; (5) that Tupperware provided overvalued earnings per share guidance; (6) that Tupperware would need relief from its $650 million Credit Agreement; and (7) that, as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
If you purchased Tupperware securities during the Class Period, you may move the Court no later than April 27, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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