Tupperware Brands Corporation
|Company Name||Tupperware Brands Corporation|
|Class Period||January 30, 2019 to February 24, 2020|
|Lead Plaintiff Motion Deadline||April 27, 2020|
On February 24, 2020, after the market closed, Tupperware issued a press release announcing preliminary financial results for fiscal 2019. Therein, the Company disclosed an “investigation primarily into the accounting for accounts payable and accrued liabilities at its Fuller Mexico beauty business” and estimated that the pre-tax impact of these issues would be approximately $50 million to $52 million. Moreover, due to the investigation, Tupperware stated that it could not timely file its annual report on Form 10-K for fiscal 2019. The Company said it expects 2019 net earnings per share “in the range of breakeven to $0.34 versus $3.11 in the prior year,” and adjusted EPS of $1.35 to $1.70, which is below consensus estimates of $2.79. Finally, Tupperware expected “a need for relief concerning its existing leverage ratio covenant in its $650 million Credit Agreement.”
On this news, Tupperware’s stock price fell $2.61 per share, or over 45%, to close at $3.11 per share on February 25, 2020, on unusually heavy trading volume.
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