Berger Montague Alerts Investors of a Securities Class Action Against Tupperware Brands Corporation (NYSE: TUP)
PHILADELPHIA, PA / April 12, 2023 / Berger Montague advises investors that a securities fraud class action lawsuit has been filed against Tupperware Brands Corporation (“Tupperware”) (NYSE: TUP) on behalf of those who purchased Tupperware securities between March 10, 2021 and March 16, 2023, inclusive (the “Class Period”).
Investor Deadline: Investors who purchased or acquired Tupperware securities during the Class Period may, no later than May 19, 2023, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at [email protected] or (215) 875-3093, or Andrew Abramowitz at [email protected] or (215) 875-3015, or visit: https://investigations.bergermontague.com/tupperware-brands-corporation/
Tupperware is a leading global consumer products company that designs innovative, functional, and environmentally responsible products.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Tupperware did not disclose its 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; (3) as a result, Tupperware would need to restate its previously filed financial statements for certain periods; and (4) as a result, the defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Investors learned the truth on March 1, 2023, before the market opened, when 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. Following this news, Tupperware’s stock fell 14.88% to close at $3.49 per share on March 1, 2023.
Then, on March 16, 2023, after the market closed, Tupperware filed with the SEC a Notification of Late Filing on Form NT 10-K, 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.” Following this news, the price of Tupperware’s stock declined by $0.19 cents a share, or 7.7%, on March 17, 2023.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., San Francisco, Chicago, and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.