Kirby McInerney LLP Announces the Filing of a Securities Class Action on Behalf of Tupperware Brands Corporation (TUP) Investors
NEW YORK, March 22, 2023 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Middle District of Florida on behalf of those who acquired Tupperware Brands Corporation (“Tupperware” or the “Company”) (NYSE: TUP) securities during the period from March 10, 2021 through March 16, 2023 (the “Class Period”). Investors have until May 19, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Tupperware provides houseware products, such as bottles, plate sets, storage options, and other related products.
On March 1, 2023, Tupperware announced that it had identified misstatements in prior annual and unaudited interim periods. In particular, these misstatements related to Tupperware’s historical accounting for income taxes. It expected to report at least one material weakness, stating the following in pertinent part: “the Company concluded that it did not design and maintain effective internal controls related to the accounting for the completeness, occurrence, accuracy, and presentation of the income tax provision and related income tax assets and liabilities.” On this news, the price of Tupperware shares declined by $0.61 per share, or 14.88%, from $4.10 per share to close at $3.49 on March 1, 2023, on unusually heavy trading volume.
On March 16, 2023, after the market closed, the Company filed with the SEC a late filing notice on Form NT 10-K (the “Late Filing Notice”), reporting that it was unable to file its Annual Report on Form 10-K for the year ended December 31, 2022 “by the prescribed due date, without unreasonable effort or expense because it requires additional time to complete the Form 10-K, including the restatement of certain of its previously issued financial statements as described below.” On this news, the price of Tupperware shares declined by $0.19 per share, or approximately 7.72%, from $2.46 per share to close at $2.27 on March 17, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as 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.
If you purchased or otherwise acquired Tupperware securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at [email protected], or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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Kirby McInerney LLP
Thomas W. Elrod, Esq.
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