Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Tupperware Brands Corporation (TUP) Investors

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Tupperware Brands Corporation (“Tupperware” or the “Company”) (NYSE: TUP) securities between March 10, 2021 and March 16, 2023, inclusive (the “Class Period”). Tupperware investors have until May 19, 2023 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 at www.glancylaw.com/cases/Tupperware-Brands-Corporation-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [e-mail] to learn more about your rights.

On March 1, 2023, Tupperware issued a press release disclosing that it “identified misstatements which originated in prior annual and unaudited interim periods” and that “there is the possibility that additional current and prior period misstatements could be identified.” The Company further disclosed that it “did not design and maintain effective internal controls related to the accounting for the completeness, occurrence, accuracy, and presentation of the income tax provision and related income tax assets and liabilities.”

On this news, Tupperware’s stock price fell $0.61, or nearly 15%, to close at $3.49 per share on March 1, 2023, thereby injuring investors.

Then, on March 16, 2023, after the market closed, the Company disclosed that it would be unable to timely file its Annual Report, stating that previous financial statements dating back to 2020 would be restated and should no longer be relied upon. Additionally, the Company also revealed that it had determined that “material weaknesses exist in its internal control over financial reporting.”

On this news, Tupperware’s stock price fell $0.19, or 7.7%, to close at $2.27 per share on March 17, 2023, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Tupperware did not disclose its serious issues with internal controls; (2) Tupperware’s financial statements, from its 2020 Annual Report to the present, included misstatements, particularly as it related to the Company’s accounting for income taxes; (3) as a result, Tupperware would need to restate its previously filed financial statements for certain periods; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on LinkedIn, Twitter, or Facebook.

If you purchased or otherwise acquired Tupperware securities during the Class Period, you may move the Court no later than May 19, 2023 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 [e-mail], 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.

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