NEW YORK, March 4, 2020 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Tupperware Brands Corporation ("Tupperware" or the "Company") (NYSE: TUP). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Tupperware and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On February 24, 2020, post-market, Tupperware issued a press release announcing that the Company will be unable to timely file its annual report for the fiscal year ended December 28, 2019. Tupperware also announced that it expects 2019 net earnings per share ("EPS") "in the range of breakeven to $0.34 versus $3.11 in the prior year[,]" and adjusted EPS of $1.35 to $1.70. Tupperware stated that its financial results were affected by "financial reporting issues" concerning the Company's Fuller Mexico beauty brand and that the Company is "conducting an investigation primarily into the accounting for accounts payable and accrued liabilities" at Fuller Mexico. Additionally, Tupperware announced that it "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 sharply during intraday trading on February 25, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP