Tupperware Brands Corporation (NYSE: TUP) Investor Securities Class Action Lawsuit 02/25/2020

If you purchased a significant amount of shares of Tupperware Brands Corporation (NYSE: TUP) between January 30, 2019 and February 24, 2020, and / or if you purchased any NYSE: TUP shares prior to January 2019 and continue to hold any of those shares, you 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, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Tupperware Brands
Case Name: 
Tupperware Brands Shareholder Class Action Lawsuit 02/25/2020
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: TUP
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/25/2020
Class Period Begin: 
01/30/2019
Class Period End: 
02/24/2020
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
04/27/2020
Summary: 

An investor in shares of Tupperware Brands Corporation (NYSE: TUP) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Tupperware Brands Corporation in connection with certain allegedly false and misleading statements made between January 30, 2019 and February 24, 2020.

Orlando, FL based Tupperware Brands Corporation is a global direct-to-consumer company engaged in the manufacture and sale of Tupperware products and cosmetics and personal care products. Tupperware Brands Corporation reported that its annual Total Revenue declined from over $2.25 billion in 2017 to over $2.06 billion in 2018 and that its Net Loss of $265.4 million in 2017 turned into a Net Income of $155.9 million in 2018.

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.”
Shares of Tupperware Brands Corporation (NYSE: TUP) declined from $9.72 per share on January 16, 2020, to as low as $2.82 per share on Fry 28, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Tupperware Brands Corporation (NYSE: TUP) common shares between January 30, 2019 and February 24, 2020, that the defendants violated Federal Securities Laws. More specifically, 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.