TUPPERWARE BRANDS CORPORATION – GuruFocus.com
Have you lost money on your investments in Tupperware Brands? If so, please see Tupperware Brands Corporation Class Action Legal Action or contact Pierre Allocco at (212) 951-2030 Where [email protected] to discuss your rights.
NEW YORK, June 24, 2022 /PRNewswire/ — Bernstein Liebhard LLP, a Nationally Recognized Investor Rights Law Firm, Reminds Investors of the Deadline to File a Motion as Lead Plaintiff in a Securities Class Action which was filed on behalf of investors who purchased or acquired the securities of Tupperware Brands Corporation (“Tupperware” or the “Company”) (NYSE:TUP) between November 3, 2021 and May 3, 2022, inclusive (the “Class Period”). The lawsuit was filed in United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934.
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.
Plaintiff alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, Defendants allegedly 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; and (iii) all of the foregoing, when disclosed, was likely to have a material adverse impact on Tupperware’s financial condition.
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, withdrew its guidance for the entire year 2022 and appointed a new Chief Financial Officer. 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 represented only 2% of its turnover.
At this news, the Company’s share price fell. $5.76 per share, i.e. more than 32%, to close at $12.15 per share on May 4, 2022.
If you wish to act as the main plaintiff, you must apply to the court no later than August 15, 2022. A lead plaintiff is a representative party acting on behalf of the other class members to direct the litigation. Your ability to participate in any recovery does not require you to serve as the primary plaintiff. If you choose to do nothing, you can remain an absent member of the group.
If you have purchased or acquired TUP securities, and/or wish to discuss your legal rights and options please visit the Tupperware Brands Corporation Shareholder Class Action or contact Pierre Allocco at (212) 951-2030 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its customers. In addition to representing individual investors, the firm has been retained by some of the nation’s largest public and private pension funds to oversee their assets and bring lawsuits on their behalf. As a result of its success in hundreds of lawsuits and class actions, the firm has been named to the National Law Journal’s “List of Plaintiffs” thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP