NEW YORK, Feb. 27, 2020 /PRNewswire/ -- Bernstein
Liebhard, a nationally acclaimed investor rights law firm,
announces that a securities class action has been filed on behalf
of investors that purchased or acquired the securities of
Tupperware Brands Corporation ("Tupperware" or the "Company")
(NYSE: TUP) between January 30, 2019
and February 25, 2020, (the "Class
Period"). The case was filed in United States District Court for the Central
District of California and alleges
violations of Securities Exchange Act of 1934.
If you purchased Tupperware securities, and/or would like to
discuss your legal rights and options please visit Tupperware
Shareholder Class Action or contact Matthew
E. Guarnero toll free at (877) 779-1414 or
MGuarnero@bernlieb.com.
According to the complaint, defendants throughout the Class
Period made false and/or misleading statements and/or failed to
disclose that: (1) Tupperware lacked effective internal controls;
(2) as a result, Tupperware would need to investigate Fuller
Mexico's accounting and liabilities; (3) consequently, Tupperware
would be unable to timely file its annual report on Form 10-K for
its fiscal year 2019; (4) Tupperware did not properly account for
its accounts payable and accrued liabilities at Fuller Mexico; (5)
Tupperware provided overvalued earnings per share guidance; (6)
Tupperware would need relief from its $650
million Credit Agreement; and (7) 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 that it
was unable to timely file its annual report for the fiscal year
ending December 28, 2019.
Tupperware also announced that its results were affected by
financial reporting issues with Fuller Mexico and that Tupperware
was 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."
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.
If you purchased Tupperware securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/tupperwarebrandscorporation-tup-shareholder-class-action-lawsuit-254/apply/
or contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than April 27, 2020. A lead
plaintiff is a representative party acting on behalf of other class
members in directing the litigation. Your ability to share in any
recovery doesn't require that you serve as lead plaintiff. If you
choose to take no action, you may remain an absent class
member.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National
Law Journal's "Plaintiffs' Hot List" thirteen times and
listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP