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id: 627, Created by Stan Vick, Scout
Tupperware Brands (TUP) Misconduct Case
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- Tupperware disclosed that financial statements for several previous periods were materially misstated.
- $TUP significantly fell, damaging investors.
- Investors suspect Tupperware, its Leaders, and its Service Providers of multiple financials misrepresentations.
On March 16, 2023, filed with the SEC a Late filing notice which stated that "...the Company’s previously issued consolidated financial statements as of and for the years ended December 26, 2020, and December 25, 2021, and the previously issued unaudited interim condensed consolidated financial statements in 2021 and the first three quarters of 2022, as well as the associated press releases, were materially misstated and should be restated and no longer be relied upon because of the identification of material prior period misstatements."
Earlier, on March 1, 2023, Tupperware announced that it had identified misstatements in prior annual and unaudited interim periods.
On this news, $TUP fell 14.88%, damaging investors.
Taking all the facts into account, Investors have reasons to suspect Tupperware, its Leaders, and its Service Providers of misleading and, among other things, that:
- Tupperware did not disclose its serious issues with internal controls;
- 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;
- Tupperware would need to restate its previously filed financial statements for certain periods;
As a result, Company's statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Failure to Disclose,
Shock Event Date
17 March 2023
20 March 2023
Lead Plaintiff Deadline
19 May 2023
Hon. Paul G. Byron