NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Tupperware Brands Corporation (“Tupperware” or the “Company”) (NYSE:TUP) of the April 27, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Tupperware stock or options between January 30, 2019 and February 24, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/TUP. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Tupperware securities between January 30, 2019 and February 24, 2020 (the “Class Period”). The case, Bertrim v. Tupperware Brands Corporation et al, No. 20-cv-01798 was filed on February 25, 2020.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Tupperware lacked effective internal controls; (2) as a result, Tupperware would need to investigate Fuller Mexico’s accounting and liabilities; (3) consequently, Tupperware would be unable to timely file its annual report on Form 10-K for its fiscal year 2019; (4) Tupperware did not properly account for its accounts payable and accrued liabilities at Fuller Mexico; (5) Tupperware provided overvalued earnings per share guidance; (6) Tupperware would need relief from its $650 million Credit Agreement; and (7) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
Specifically, on February 24, 2020, after market hours, Tupperware issued a press release announcing that the Company would “file a Form 12b-25 Notification of Late Filing with the Securities and Exchange Commission to provide a 15-calendar day extension within which to file its Form 10-K for the fiscal year ended December 28, 2019”.
On this news, Tupperware’s stock price fell from $5.72 per share on February 24, 2020 to a closing price of $3.11 on February 25, 2020—a $2.61 or 45.63% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Tupperware’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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