Recent Securities Litigations
Tupperware Brands Corporation Common Stock (NYSE: TUP)
According to the Complaint, Tupperware Brands Corporation operates as a direct-to-consumer marketer of various products across a range of brands and categories in Europe, Africa, the Middle East, the Asia Pacific, North America, and South America. The Company engages in the manufacture and sale of an array of products for consumers under the Tupperware brand name. The Company also manufactures and distributes skin and hair care products, cosmetics, bath and body care, toiletries, fragrances, jewelry, and nutritional products under the Avroy Shlain, Fuller, NaturCare, Nutrimetics, and Nuvo brands.
The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Tupperware lacked effective internal controls; (2) as a result, Tupperware would need to investigate Fuller Mexico's accounting and liabilities; (3) consequently, Tupperware would be unable to timely file its annual report on Form 10-K for its fiscal year 2019; (4) Tupperware did not properly account for its accounts payable and accrued liabilities at Fuller Mexico; (5) Tupperware provided overvalued earnings per share guidance; (6) Tupperware would need relief from its $650 million Credit Agreement; and (7) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.