INVESTOR ALERT: Edelson Lechtzin LLP is Investigating Securities Fraud Claims on Behalf of Tupperware Brands Corporation (NYSE: TUP) Shareholders
NEWTOWN, PA, March 23, 2023 — The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers and holders of Tupperware Brands Corporation (“Tupperware” or the “Company”) (NYSE: TUP) common stock between March 10, 2021, and March 16, 2023 (the “Class Period”).
Investors who purchased Tupperware common stock during the Class Period may move the U.S. District Court for the Middle District of Florida to appoint them as lead plaintiff, no later than May 19, 2023. Current holders of Tupperware stock may pursue corporate governance reforms. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at [email protected]. A copy of the class action complaint can be viewed HERE.
Background on Tupperware
Founded in 1946, Tupperware is a global consumer products company that markets, manufactures, and sells design-centric preparation, storage and serving solutions for kitchen and home. Their signature container created the modern food storage category that revolutionized the way we store, serve, and prepare food.
The Securities Fraud Claims
The Complaint alleges that, throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects, which were known to the Defendants or recklessly disregarded by them. Specifically: (i) Tupperware did not disclose its serious issues with internal controls over financial reporting; (ii) Tupperware’s financial statements, from its 2020 annual report to the present, included misstatements, particularly as it related to the Company’s accounting for income taxes; and (iii) as a result, the Company would need to restate its previously filed financial statements for certain periods.
On March 1, 2023, before the market opened, Tupperware announced that it had identified misstatements in prior annual and unaudited interim periods. These misstatements specifically related to the Company’s accounting for income taxes. On this news, Tupperware’s stock fell 14.88% to close at $3.49 per share on March 1, 2023, on unusually heavy trading volume.
Then, on March 16, 2023, after the market closed, the Company filed a notice with the SEC reporting that it was unable to file its Annual Report on Form 10-K for the year ended December 31, 2022. On this news, the price of Tupperware’s stock declined by $0.19 a share, or 7.7%, on March 17, 2023.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
Email: [email protected]
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.