TUPPERWARE BRANDS CORPORATION CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Central District of California against Tupperware Brands Corporation
LEAD PLAINTIFF DEADLINE IS APRIL 27, 2020
NEW YORK, Feb. 27, 2020 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Tupperware Brands Corporation ("Tupperware" or the "Company") (NYSE: TUP) in the United States District Court for the Central District of California on behalf of those who purchased or acquired the securities of Tupperware between January 30, 2019 and February 24, 2020, inclusive (the "Class Period").
All investors who purchased shares of Tupperware Brands Corporation and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Tupperware Brands Corporation, you may, no later than April 27, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Tupperware Brands Corporation
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The filed Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that:
- Tupperware lacked effective internal controls;
- as a result, Tupperware would need to investigate Fuller Mexico's accounting and liabilities;
- consequently, Tupperware would be unable to timely file its annual report on Form 10-K for its fiscal year 2019;
- Tupperware did not properly account for its accounts payable and accrued liabilities at Fuller Mexico;
- Tupperware provided overvalued earnings per share guidance;
- Tupperware would need relief from its $650 million Credit Agreement; and
- 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.
On February 24, 2020, after the market closed, Tupperware issued a press release announcing preliminary financial results for fiscal 2019. 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 expected 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.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
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