Tupperware Brands Investor Alert: Kehoe Law Firm, P.C. Investigating Securities Claims on Behalf of Tupperware Brands Corporation Shareholders - TUP
PHILADELPHIA, Feb. 25, 2020 /PRNewswire/ -- Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of shareholders of Tupperware Brands Corporation ("Tupperware" or the "Company") (NYSE: TUP) resulting from allegations that Tupperware may have issued materially misleading business information to the investing public.
On February 24, 2020, post-market, Tupperware issued a press release announcing it will need an extension within which to timely file its annual report (Form 10-K) for the fiscal year ended December 28, 2019. Tupperware 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-$1.70 versus $4.30 in the prior year."
Tupperware said results were affected by "financial reporting issues in 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, "[Tupperware] 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."
On this news, Tupperware's stock price dropped significantly, and on February 25, 2020, Tupperware's stock was down as much as 45%.
If you wish to discuss Kehoe Law Firm's Tupperware securities investigation or have questions about your potential legal rights, please contact either John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to learn more about the investigation or potential legal claims.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion dollars on behalf of institutional and individual investors.
SOURCE Kehoe Law Firm, P.C.
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