Le Lézard
Classified in: Business
Subject: ATY

TUP INVESTOR FILING DEADLINE: Bernstein Liebhard Announces that a Securities Class Action Lawsuit Has Been Filed Against Tupperware Brands Corporation


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.

Bernstein Liebhard LLP.  (PRNewsFoto/Bernstein Liebhard LLP) (PRNewsfoto/Bernstein Liebhard LLP)

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

 

SOURCE Bernstein Liebhard LLP


These press releases may also interest you

at 07:05
Alliance Resource Partners, L.P. today announced a series of actions in response to the rapidly evolving impact of the COVID-19 pandemic. The unprecedented decision by world leaders to lockdown the global economy to combat the deadly virus has...

at 07:05
Sustainable Infrastructure Dividend Fund (the "Fund") announced that it has filed a notice with the Toronto Stock Exchange (the "TSX") and received its approval to make a normal course issuer bid ("NCIB").  Purchases pursuant to the NCIB will be...

at 07:05
MediPharm Labs Corp. ("MediPharm Labs" or the "Company") a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products today announced its financial results for the three and...

at 07:05
As the COVID-19 pandemic continues to disrupt the Canadian economy, Advocis ? The Financial Advisors Association of Canada ? has been in pursuit of how to best assist Canadians during this uncertain time. Inspired by the Government of Ontario's...

at 07:00
Correvio Pharma Corp. , a specialty pharmaceutical company focused on commercializing hospital drugs, today reported financial results for the full year ended December 31, 2019 and commented on recent...

at 07:00
LXRandCo, Inc. ("LXRandCo" or the "Company") announced today that owing to COVID-19 pandemic developments, it is availing itself of the blanket relief recently granted by the Canadian Securities Administrators, including the Autorité des marchés...



News published on 27 february 2020 at 10:17 and distributed by: