NEW YORK, June 14, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Tupperware Brands Corporation (“Tupperware” or the “Company”) (:TUP) and certain of its officers. The class action, filed in the United States District Court for the Southern District of New York and registered as 22-cv-04976, is on behalf of a class consisting of all persons and entities other than defendants. who purchased or otherwise acquired Tupperware securities between November 3, 2021 and May 3, 2022, both dates inclusive (the “Class Period”), seeking to recover damages caused by the Defendants’ violations of the federal securities and to seek remedies under Sections 10(b) and 20(a)) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its senior executives.
If you are a shareholder who purchased or otherwise acquired Tupperware securities during the class period, you have until August 15, 2022 to ask the court to name you as the lead plaintiff in the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those applying by email are encouraged to include their mailing address, phone number and number of shares purchased.
[Click here for information about joining the class action]
Tupperware operates as a consumer products company around the world. The company manufactures, markets and sells design-centric preparation, storage and serving solutions for the kitchen and home, as well as a range of cookware, knives, microwave products, microfiber textiles, water filtration related items and a range of products for on-the-go consumers under the Tupperware brand.
The Complaint alleges that, throughout the Class Period, the Defendants made materially false and misleading statements regarding the company’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Tupperware was facing significant challenges in maintaining revenue and sales performance; (ii) as a result, Tupperware’s forecast for the full year 2022 was unrealistic and/or unsustainable; (iii) any of the foregoing, when disclosed, could have a material adverse impact on Tupperware’s financial condition; and (iv) as a result, the Company’s public statements were materially false and misleading at all material times.
On May 4, 2022, Tupperware announced its financial results for the first quarter of 2022. Among other items, Tupperware announced adjusted earnings per share from continuing operations and net sales well below consensus estimates and withdrew its guidance for the whole of 2022 and appointed a new Chief Financial Officer. The Company attributed the poor performance to the conflict in Russia and Ukraine. However, when pressed by analysts on a conference call, the company acknowledged that Russia and Ukraine account for just 2% of its revenue.
On this news, Tupperware’s stock price fell $5.76 per share, or 32.16%, to close at $12.15 per share on May 4, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. 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 the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980