Did you lose money on investments in Tupperware Brands? If so, please visit Tupperware Brands Corporation Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, March 24, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Tupperware Brands Corporation (“Tupperware” or the “Company”) (NYSE: TUP) between March 10, 2021 and March 16, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Middle District of Florida and alleges violations of the Securities Exchange Act of 1934.
Tupperware purports to be a leading global consumer products company that designs innovative, functional, and environmentally responsible products. Worldwide, the Company purports to engage in the marketing, manufacture, and sale of design-centric preparation, storage, and serving solutions for the kitchen and home through the Tupperware brand name. The Company primarily uses a direct selling business model to distribute and market products.
Plaintiff alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants allegedly made false and/or misleading statements and/or failed to disclose 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 relating to the Company’s accounting for income taxes; and (3) as a result, Tupperware would need to restate its previously filed financial statements for certain periods.
On March 1, 2023, before the market opened, the Company announced that it had identified misstatements in prior annual and unaudited interim periods, including misstatements related to the Company’s historical accounting for income taxes.
On this news, Tupperware’s stock fell 14.88% to close at $3.49 per share on March 1, 2023.
Then, on March 16, 2023, after the market closed, the Company filed with the SEC a Late Filing Notice on Form NT 10-K, 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 cents a share, or 7.7%, to close at $2.27 per share on March 17, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than May 19, 2023. 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.
If you purchased or acquired Tupperware securities, and/or would like to discuss your legal rights and options please visit Tupperware Brands Corporation Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
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. © 2023 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. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
