SAN FRANCISCO, Feb. 27, 2020 (GLOBE NEWSWIRE) -- Hagens Berman urges investors in Tupperware Brands Corporation (TUP) with significant losses to submit their losses now. A securities fraud class action has been filed against the Company and certain investors may have valuable claims.
Tupperware (TUP) Securities Class Action:
The Complaint alleges that Defendants misrepresented and failed to disclose that Tupperware lacked effective internal control over its financial reporting, which led to Tupperware falsely reporting accounts payable and accrued liabilities for its Fuller Mexico beauty business. The Complaint also alleges that the Company provided inflated EPS guidance and concealed that, in light of its dire prospects, Tupperware would need relief from its $650 million Credit Agreement.
The truth emerged on Feb. 24, 2020, when Tupperware announced it would not timely file is 2019 annual report due to an ongoing internal investigation into the accounting for Fuller Mexico’s accounts payable and accrued liabilities. Tupperware also revealed that it expected 2019 EPS to be $0.00-$0.34, representing an 800% year-over-year decline. Finally, based its grim 2020 outlook, the Company disclosed that it was forecasting the need to revise its $650 million Credit Agreement to avoid a debt acceleration.
On this news, Tupperware shares crashed over 45% in a single trading day.
“We’re focused on investors’ losses and proving that Tupperware inflated Fuller Mexico’s accounts payable and concealed certain liabilities to appear more profitable,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Tupperware and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Tupperware should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email TUP@hbsslaw.com.
About Hagens Berman
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Reed Kathrein, 844-916-0895