Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Tupperware Brands Corporation (NYSE: TUP).
On February 24, 2020, the Company disclosed that its 10-K report would not be filed timely due to an ongoing investigation into accounts payable and accrued liabilities at its Fuller Mexico beauty business resulting in an expected full-year 2019 negative impact on an adjusted pre-tax basis in the range of $19-21 million, expected total impairments of approximately $31 million, and total pretax impact for 2019 of approximately $50-52 million, among other negative effects. Then, on March 12, 2020, the Company filed its 10-K confirming a host of negative results, and that its investigation had identified certain activities of “operational risk” potentially involving fraud, unauthorized activities or other types of errors or breaches.
The Company and certain of its executives have been sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws, which remains ongoing.
KSF’s investigation is focusing on whether Tupperware’s officers and/or directors breached their fiduciary duties to Tupperware’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Microchip shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (email@example.com), or fill out the form on this page.