Shareholders Foundation, Inc.

NYSE: TUP Investor Notice: Lawsuit Alleges Securities Laws Violations by Tupperware Brands Corporation

A lawsuit was filed on behalf of investors in Tupperware Brands Corporation (NYSE: TUP) shares over alleged securities laws violations.

 

San Diego, CA -- (SBWIRE) -- 03/10/2020 -- An investor, who purchased shares of Tupperware Brands Corporation, filed a lawsuit over alleged violations of Federal Securities Laws by Tupperware Brands Corporation.

Investors who purchased shares of Tupperware Brands Corporation (NYSE: TUP) have certain options and for certain investors are short and strict deadlines running. Deadline: April 27, 2020. NYSE: TUP investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On February 24, 2020, post-market, Tupperware Brands Corporation announced it will be unable to timely file its annual report for the fiscal year ended December 28, 2019. Tupperware Brands Corporation also announced 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.

Tupperware Brands Corporation said results were affected by "financial reporting issues" with Fuller Mexico and that Tupperware is "conducting an investigation primarily into the accounting for accounts payable and accrued liabilities at its Fuller Mexico beauty business[.]" Additionally, "the Company is forecasting a need for relief concerning its existing leverage ratio covenant in its $650 million Credit Agreement dated March 29, 2019 [], to avoid a potential acceleration of the debt, which could have a material adverse impact on the Company."

The plaintiff claims that between January 30, 2019 and February 24, 2020, the defendants made false and/or misleading statements and/or failed to disclose that Tupperware lacked effective internal controls, that as a result, Tupperware would need to investigate Fuller Mexico's accounting and liabilities, that consequently, Tupperware would be unable to timely file its annual report on Form 10-K for its fiscal year 2019, that Tupperware did not properly account for its accounts payable and accrued liabilities at Fuller Mexico, that Tupperware provided overvalued earnings per share guidance, that Tupperware would need relief from its $650 million Credit Agreement, and that as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Those who purchased shares of Tupperware Brands Corporation (NYSE: TUP) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.