Pomerantz Law Firm Investigates Claims On Behalf of Investors of Tupperware Brands Corporation - TUP
NEW YORK, April 3, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Tupperware Brands Corporation ("Tupperware" or the "Company") (NYSE: TUP). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Tupperware and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 1, 2023, Tupperware announced that it had identified misstatements in prior annual and unaudited interim periods, specifically relating to the Company's historical accounting for income taxes and expected to report at least one material weakness.
On this news, Tupperware's stock price fell $0.61 per share, or 14.88%, to close at $3.49 per share on March 1, 2023.
Then, on March 16, 2023, Tupperware filed with the U.S. Securities and Exchange Commission 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[.]" Tupperware specified that it "will restate its consolidated financial statements for the years ended December 26, 2020 and December 25, 2021" and that "misstatements that originated in periods prior to 2020 are expected to result in a $23-28 million reduction to the previously reported 2020 beginning retained earnings, with such reduction primarily resulting from misstatements related to income taxes."
On this news, Tupperware's stock price fell $0.19 per share, or 7.72%, to close at $2.27 per share on March 17, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
