The Law Offices of Frank R. Cruz Announces Investigation on Behalf of Tupperware Brands Corporation Investors (TUP)
26 February 2020 - 8:00AM
Business Wire
The Law Offices of Frank R. Cruz announces an investigation on
behalf of Tupperware Brands Corporation (“Tupperware” or the
“Company”) (NYSE: TUP) investors concerning the Company and its
officers’ possible violations of federal securities laws.
If you are a shareholder who suffered a loss, click here to
participate.
On February 24, 2020, after the market closed, Tupperware issued
a press release announcing preliminary financial results for fiscal
2019. Therein, 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 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, which is below consensus
estimates of $2.79.
On this news, Tupperware’s stock price fell more than 43% during
intraday trading on February 25, 2020.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Tupperware securities, have information or
would like to learn more about these claims, or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Frank R. Cruz, of The Law
Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los
Angeles, California 90067 at 310-914-5007, by email to
info@frankcruzlaw.com, or visit our website at
www.frankcruzlaw.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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200225005942/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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