Tupperware Brands Corporation’s 2020 Annual Report filing with the U.S. Securities and Exchange Commission (SEC) contained false and misleading statements, a new class action lawsuit alleges.
Plaintiff Nestor Ouranitsas claims Tupperware, along with its CEO, CFO, and former CFO, failed to disclose that the company did not “properly account for the completeness, accuracy and presentation of the income tax provision, as well as for leases.”
“The 2020 Annual Report did not disclose any material weaknesses in the Company’s internal controls relating to the provision for income taxes,” the Tupperware class action states.
Ouranitsas argues the Tupperware executives, meanwhile, were “aware of or recklessly disregarded” that the company was allegedly making false and misleading statements about the company.
Further, Ouranitsas claims the Tupperware executives violated federal securities law when they “approved or ratified these statements.”
“Defendants, individually and in concert, directly or indirectly, disseminated or approved the false statements … which...
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