Tupperware Sinks Amid Investigation, Lawsuit By Investing.com

Tupperware Sinks Amid Investigation, Lawsuit By Investing.com


© Reuters.

By Christiana Sciaudone

Investing.com — Tupperware (NYSE:) sank 17% amid a legal investigation.

The law firm of Khan Swick & Foti said on July 31 that it is investigating the container company and whether Tupperware’s executives or directors breached their fiduciary duties to shareholders or violated laws.

Shares are trading around $13, almost ten times the price in March, when the company filed its 10-K confirming a host of negative results, and said an investigation had identified certain activities of “operational risk” potentially involving fraud and unauthorized activities. 

That came about a month after Tupperware delayed its 10-K report because of the 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 million to $21 million, expected total impairments of approximately $31 million, and total pretax impact for 2019 of approximately $50 million to $52 million, among other negative effects. 

The company and some executives have been sued in a securities class action lawsuit, charged with failing to disclose material information and violating federal securities laws.

 

 

 

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

Investing.com


Leave a Reply

Your email address will not be published. Required fields are marked *


About us

InvestLab is a financial services technology company focused on the global trading market. Founded in 2010 in Hong Kong, the company develops trading, market data, and social research products that enable individual investors and small to mid-size brokers to access global markets. We provide brokers and financial institutions cross border capabilities for retail investors into 43 markets globally.


CONTACT US

CALL US ANYTIME