INVESTOR ALERT: Tupperware Brands Corporation Investors Suffering Substantial Losses Have Opportunity to File Class Action – TUP
SAN DIEGO–(BUSINESS WIRE)–The law firm Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Tupperware Brands Corporation (NYSE: SHEEP) between November 3, 2021 and May 3, 2022, both dates included (the “Class Period”) have until August 15, 2022 to seek appointment as lead plaintiff in Edge c. Tupperware Brands Corporation, no. 22-cv-04976. Opened on June 14, 2022 in the Southern District of New York, the Tupperware The class action accuses Tupperware and some of its top executives of violating the Securities Exchange Act of 1934.
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CASE ALLEGATIONS: The Tupperware The class action alleges that, throughout the Class Period, the defendants made false and misleading statements and failed to disclose that: (i) Tupperware was facing significant challenges in maintaining its revenue and performance as sale ; (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) therefore, Tupperware’s public statements were materially false and misleading at all relevant 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 guidance for the whole of 2022 and appointed a new Chief Financial Officer. Tupperware attributed the poor performance to the conflict in Russia and Ukraine. However, pressed by analysts on a conference call, Tupperware admitted that Russia and Ukraine only account for 2% of its revenue. At this news, Tupperware’s stock price fell more than 32%, hurting investors.
THE PRINCIPAL APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased shares of Tupperware during the Class Period to seek appointment as lead plaintiff. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class that is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members by directing the Tupperware class action. The main plaintiff can select a law firm of his choice to plead Tupperware class action. An investor’s ability to participate in any potential future takeover does not depend on its status as the lead claimant of the Tupperware class action.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The firm is ranked No. 1 in the 2021 ISS Securities Class Action Services Top 50 report for recovering nearly $2 billion for investors last year alone, more than triple the amount recovered by any other firm from plaintiffs. With 200 attorneys in 9 offices, Robbins Geller is one of the largest plaintiffs firms in the world and the firm’s attorneys have secured many of the largest securities class action recoveries in history, including the largest never-recorded securities class action recovery – $7.2 billion – in In re Enron Corp. Dry. Litigation Please visit the following page for more information:
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