Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired Tupperware Brands Corporation (“Tupperware” or the “Company”) (NYSE: TUP) securities between January 30, 2019 and February 24, 2020, inclusive (the “Class Period”). Tupperware investors have until April 27, 2020, to file a lead plaintiff motion.
If you are a shareholder who suffered a loss and wish to participate, 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 attorney Brian Brooks at (212) 682-5340, Toll-Free at (888) 773-9224, by email to bbrooks@glancylaw.com, or visit our website at www.glancylaw.com.
The class action complaint, captioned Ben Lapin v. Tupperware Brands Corporation, et al., No. 6:20-cv-00357 (M.D. Fla), alleges, among other things, that on February 24, 2020, it was revealed that the Company is investigating accounting irregularities relating to its Fuller Mexico beauty business, delaying filing its annual report, and “forecasting a need for relief concerning its existing leverage ratio covenant in its $650 million Credit Agreement dated March 29, 2019.”
On this news, the Company’s share price fell $2.61 per share, or over 45%, to close at $3.11 per share on February 25, 2020.
The class action complaint alleges that throughout the Class Period the 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 lacked effective internal controls; (2) there were accounting irregularities relating to the Company’s Fuller Mexico business; (3) as a result of the above, Tupperware would need to investigate those accounting irregularities and be unable to timely file its 2019 annual report; (4) Tupperware would need relief from its $650 million Credit Agreement; (5) Tupperware provided overvalued earnings per share guidance; and (6) as a result of the above, Defendants’ public statements were materially false and/or misleading at all relevant times.
If you purchased Tupperware securities during the Class Period, you may move the Court no later than April 27, 2020, 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 attorney Brian Brooks of GPM, 230 Park Avenue, Suite 530, New York, New York 10169 at (212) 682-5340, Toll-Free at (888) 773-9224, by email to bbrooks@glancylaw.com, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200228005582/en/
Contacts:
Brian Brooks, 212-682-5340 or 888-773-9224
www.glancylaw.com
bbrooks@glancylaw.com
