NEW YORK, Feb. 25, 2020 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP is investigating potential securities fraud claims on behalf of shareholders of Tupperware Brands Corporation (NYSE: TUP) ("Tupperware" or the "Company") resulting from allegations that Tupperware may have issued materially misleading business information to the investing public.
If you purchased Tupperware shares and suffered losses, please call Gregory Stone at (800) 575-0735 or (212) 545-4774, or email to [email protected].
On February 24, 2020, post-market, Tupperware issued a press release announcing it will be unable to timely file its annual report for the fiscal year ended December 28, 2019. Tupperware also announced 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. The Company said results were affected by "financial reporting issues" with Fuller Mexico and that Tupperware is "conducting an investigation primarily into the accounting for accounts payable and accrued liabilities at its Fuller Mexico beauty business[.]" Additionally, "the Company 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."
During the trading day on February 25, 2020, the shares have traded as low as $3.05 per share, a decline of close to 47% from the previous day close of $5.72 per share.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this investigation or have any questions regarding your rights and interests in this matter, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Kevin Cooper, Esq.
Email: [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP