| COMPANY |
Tupperware Brands Corporation |
| COURT |
United States District Court for the Middle District of Florida |
| CASE NUMBER |
20-cv-00357 |
| JUDGE |
The Honorable Gregory A. Presnell |
| CLASS PERIOD |
January 31, 2018 - February 24, 2020 |
| SECURITY TYPE |
All Securities |
Case Background:
On February 25, 2020, the initial complaint in this securities class action was filed against Tupperware Brands Corporation (“Tupperware” or the “Company”), and certain of Tupperware’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action brought on behalf of all investors who purchased or acquired Tupperware securities between January 31, 2018 and February 24, 2020, (the “Class Period”) both dates inclusive.
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Tupperware lacked effective internal controls; (2) as a result, Tupperware would need to investigate Fuller Mexico's accounting and liabilities; (3) consequently, Tupperware would be unable to timely file its annual report on Form 10-K for its fiscal year 2019; (4) Tupperware did not properly account for its accounts payable and accrued liabilities at Fuller Mexico; (5) Tupperware provided overvalued earnings per share guidance; (6) Tupperware would need relief from its $650 million Credit Agreement; and (7) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Current Status of Case:
On July 31, 2020, Lead Plaintiff filed a consolidated amended complaint (the “Complaint”). On September 23, 2020, Defendants filed a Motion to Dismiss the Complaint. On January 25, 2021, the Court granted Defendants’ Motion to Dismiss. Lead Plaintiff filed a second amended complaint (the “Second Complaint”) on February 16, 2021. The Defendants filed a Motion to Dismiss the Second Complaint on April 2, 2021. On August 9, 2021, Defendants’ Motion to Dismiss Lead Plaintiff’s Second Complaint was granted. On August 30, 2021, Lead Plaintiff filed a third amended complaint (the “Third Complaint”). On February 4, 2022, the Court granted the Defendant’s Motion to Dismiss the Third Complaint with prejudice and ordered that the case be closed. On February 28, 2022, Lead Plaintiff filed an appeal to the Eleventh Circuit Court of Appeals. On August 8, 2023, the Eleventh Circuit affirmed the District Court’s dismissal of the action. This action has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.