SAN DIEGO, CA / ACCESSWIRE / August 10, 2022 / Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Tupperware Brands Corporation (NYSE:TUP) securities from November 3, 2021 to May 3, 2022, inclusive (the 'Class Period') have until this upcoming Monday, August 15, 2022 to seek appointment as lead plaintiff in Edge v. Tupperware Brands Corporation, No. 22-cv-04976 (S.D.N.Y). Commenced on June 14, 2022, the Tupperware class action lawsuit charges Tupperware and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
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CASE ALLEGATIONS: The Tupperware class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Tupperware was facing significant challenges in maintaining its earnings and sales performance; (ii) accordingly, Tupperware's full year 2022 guidance was unrealistic and/or unsustainable; (iii) all the foregoing, once revealed, was likely to have a material negative impact on Tupperware's financial condition; and (iv) as a result, Tupperware's public statements were materially false and misleading at all relevant times.
On May 4, 2022, Tupperware announced its financial results for the first quarter of 2022. Among other items, Tupperware reported adjusted earnings per share from continuing operations and net sales that fell well short of consensus estimates and withdrew its full year 2022 guidance and named a new Chief Financial Officer. Tupperware attributed the poor performance to the conflict in Russia and Ukraine. However, when pressed by analysts on a conference call, Tupperware acknowledged that Russia and Ukraine only accounted for 2% of its revenue. On this news, Tupperware's stock price fell by more than 32%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Tupperware securities shares during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Tupperware class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Tupperware class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Tupperware class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world's leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone - more than triple the amount recovered by any other plaintiffs' firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs' firms in the world and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever - $7.2 billion - in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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SOURCE: Robbins Geller Rudman & Dowd LLP
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