SAN DIEGO, Feb. 25, 2020 /PRNewswire/ -- Shareholder Rights Law Firm Johnson Fistel, LLP is investigating potential violations of the federal securities laws by Tupperware Brands Corporation (NYSE: TUP) ("Tupperware") and its officers and directors.
On February 24, 2020, Tupperware announced it was conducting an investigation in its financial accounting and warned of a 2019 profit shortfall. The Company said it expects 2019 net earnings per share in the range of breakeven to $0.34 versus $3.11 in the prior year, and adjusted EPS of $1.35 to $1.70, which is below consensus estimates of $2.79. Tupperware is investigating the accounting for accounts payable and accrued liabilities and estimates that the total pre-tax impact for 2019 to be about $50 million to $52 million. As a result of the investigation, the Company would not be filing Form 10-K for the fiscal year ended December 28, 2019, on a timely basis.
Following this news, Tupperware's shares plummeted over 20% in pre-market trading on February 25, 2020.
If you have information that could assist in this investigation, including past employees and others, or if you are a Tupperware shareholder and are interested in learning more about the investigation, please contact Jim Baker ([email protected]) by email or phone at 619-814-4471. If emailing, please include a phone number.
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