Tupperware Brands Corporation and its top executives made “materially false and misleading” statements about its business, operations and compliance policies, a new federal securities class action lawsuit alleges.
Plaintiff Michael Edge claims Tupperware, along with its president and CEO Miguel Fernandeaz and CFO and COO Cassandra Harris, failed to disclose that it was “facing significant challenges” in maintaining its earnings and sales.
Edge claims further that Tupperware’s full-year guidance for 2022 was “unrealistic” and/or “unsustainable,” which, when revealed, would likely have a “material negative impact” on the company’s financial condition.
“As a result, the Company’s public statements were materially false and misleading at all relevant times,” the Tupperware class action states.
Tupperware announced its financial results from the first quarter of 2022 on May 4, revealing, among other things, that its adjusted earnings from continued operations and net sales fell “well short of consensus estimates,” according to the Tupperware class...
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