Tupperware Brands Corporation

Practice Area: 
Stock Symbol: 
TUP
Case Status: 
Investigations

Ademi & O’Reilly, LLP is investigating possible securities fraud claims against Tupperware Brands Corporation (NYSE: TUP) resulting from inaccurate statements Tupperware made regarding its internal controls, business practices, financial statements and prospects.

The investigation focuses on whether Tupperware issued false and misleading statements regarding its business practices and prospects.  Specifically, Tupperware’s lack of internal controls were resulting in accounting irregularities at Tupperware’s Mexican operations with a pre-tax impact for 2019 of between $50 million to $52 million. Additionally, Tupperware was misrepresenting its financial stability and would need relief from covenants in its $650 million credit agreement, to avoid potential acceleration of the debt, which would have "a material adverse impact on the company."