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Tupperware Brands Corporation

The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Tupperware Brands Corporation (“Tupperware”) (NYSE: TUP) securities from November 3, 2021 through May 3, 2022, both dates inclusive (the “Class Period”). Investors have until August 15, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Tupperware operates as a consumer products company worldwide.
On May 4, 2022, Tupperware announced its financial results for the first quarter of 2022. Among other items, Tupperware reported adjusted earnings per share (“EPS”) from continuing operations and net sales that fell well short of consensus estimates and withdrew its full year 2022 guidance and named a new Chief Financial Officer (“CFO”). 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 only accounted for 2% of its revenue. On this news, the price of Tupperware shares declined by $5.76 per share, or approximately 32.16%, from $17.91 per share to close at $12.15 per share on May 4, 2022.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Tupperware was facing significant challenges in maintaining its earnings and sales performance; (ii) accordingly, Tupperware’s full year 2022 guidance was unrealistic and/or unsustainable; (iii) all the foregoing, once revealed, was likely to have a material negative impact on Tupperware’s financial condition; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

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