The Law Offices of Frank R. Cruz reminds investors of the upcoming May 19, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Tupperware Brands Corporation (“Tupperware” or the “Company”) (NYSE: TUP) securities between March 10, 2021 and March 16, 2023, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On March 1, 2023, Tupperware issued a press release disclosing that it “identified misstatements which originated in prior annual and unaudited interim periods” and that “there is the possibility that additional current and prior period misstatements could be identified.” The Company further disclosed 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, Tupperware’s stock price fell $0.61, or nearly 15%, to close at $3.49 per share on March 1, 2023, thereby injuring investors.
Then, on March 16, 2023, after the market closed, the Company disclosed that it would be unable to timely file its Annual Report, stating that previous financial statements dating back to 2020 would be restated and should no longer be relied upon. Additionally, the Company also revealed that it had determined that “material weaknesses exist in its internal control over financial reporting.”
On this news, Tupperware’s stock price fell $0.19, or 7.7%, to close at $2.27 per share on March 17, 2023, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Tupperware securities during the Class Period, you may move the Court no later than May 19, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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