SAN FRANCISCO, Feb. 25, 2020 /PRNewswire/ — Hagens Berman urges investors in Tupperware Brands Corporation (NYSE: TUP) who have suffered significant losses to submit their losses now. The firm is investigating potential securities fraud perpetrated by the Company and its senior officers, and certain investors may have valuable claims.
Relevant Holding Period: Before Feb. 25, 2020
Sign Up: www.hbsslaw.com/investor-fraud/TUP
Contact An Attorney Now: [email protected]
844-916-0895
Tupperware Brands Corporation (TUP) Investigation:
The investigation focuses on the propriety of Tupperware’s financial reporting for its troubled Fuller Mexico beauty business.
Throughout 2019, Tupperware affirmed the effectiveness of its internal control over financial reporting and identified its accounts payable and accrued liabilities on its consolidated statement of income. The Company also touted its significant investments in technology to improve execution and boost sales of its Fuller Mexico beauty products in Latin America.
But on Jan. 27, 2020, Tupperware announced that Luciano Garcia Rangel, Group President, Latin America, left the Company effective immediately.
Then, on Feb. 25, 2020, Tupperware announced it would not timely file is annual report for 2018 due to an ongoing internal investigation into the accounting for accounts payable and accrued liabilities at its Fuller Mexico beauty business. The Company disclosed that the matter comprised roughly half ($9-11 million) of the total expected full-year impact on an adjusted pre-tax basis ($19-21 million). The Company also revealed that it expected $31 million total impairments attributable to Fuller Mexico.
As a result of this news, the price of Tupperware shares crashed over 50% during intraday trading on Feb. 25, 2020.
“We’re focused on investors’ losses and whether Tupperware inflated Fuller Mexico’s accounts payable and concealed certain liabilities to appear more profitable,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Tupperware and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Tupperware should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
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Contact:
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP
