Tupperware Brands Corporation (TUP) Must Restate its Previously Filed Financial Statements for Certain Periods
A shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Tupperware Brands Corporation (NYSE: TUP) securities between March 10, 2021 and March 16, 2023, for 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.”
According to the complaint, during the class period, defendants failed to disclose that: (1) Tupperware had serious issues with internal controls; (2) Tupperware’s financial statements, from its 2020 Annual Report to the present, included misstatements, particularly as it related 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, Tupperware announced it had identified misstatements in prior annual and unaudited interim periods. In particular, these misstatements related to the Company’s historical accounting for income taxes. Further, it expected to report at least one material weakness. 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, Tupperware filed with the SEC a late filing notice on form NT 10-K, reporting that it was unable to timely file its Annual Report on Form 10-K for the year ended December 31, 2022. On the same day, Tupperware filed with the SEC a Current Report on Form 8-K stating that it had “identified several adjustments related to prior and current periods that have given rise to a restatement of previously issued financial statements.” On this news, the price of Tupperware’s stock fell by 7.7% on March 17, 2023.
What Now: Similarly situated shareholders may be eligible to participate in the class action against Tupperware. Shareholders who want to act as lead plaintiff for the class must file their papers by May 19, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.