Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Tupperware Brands Corporation (“Tupperware” or the “Company”) (NYSE: TUP) securities between March 10, 2021 and March 16, 2023, inclusive (the “Class Period”). Tupperware investors have until May 19, 2023 to file a lead plaintiff motion.
Investors suffering losses on their Tupperware investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On March 1, 2023, Tupperware issued a press release disclosing that it “identified misstatements which originated in prior annual and unaudited interim periods” and that “there is the possibility that additional current and prior period misstatements could be identified.” The Company further disclosed that it “did not design and maintain effective internal controls related to the accounting for the completeness, occurrence, accuracy, and presentation of the income tax provision and related income tax assets and liabilities.”
On this news, Tupperware’s stock price fell $0.61, or nearly 15%, to close at $3.49 per share on March 1, 2023, thereby injuring investors.
Then, on March 16, 2023, after the market closed, the Company disclosed that it would be unable to timely file its Annual Report, stating that previous financial statements dating back to 2020 would be restated and should no longer be relied upon. Additionally, the Company also revealed that it had determined that “material weaknesses exist in its internal control over financial reporting.”
On this news, Tupperware’s stock price fell $0.19, or 7.7%, to close at $2.27 per share on March 17, 2023, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, 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 did not disclose its serious issues with internal controls; (2) 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; (3) as a result, Tupperware would need to restate its previously filed financial statements for certain periods; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230322005631/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
