SHAREHOLDER ALERT: Tupperware Brands Corporation (TUP) Officers and Directors Under Investigation for Allegations of Fraudulent Sales Scheme
SHAREHOLDER ALERT: Tupperware Brands Corporation (TUP) Officers and Directors Under Investigation for Allegations of Fraudulent Sales Scheme
PR Newswire
SAN FRANCISCO, Sept. 17, 2020
SAN FRANCISCO, Sept. 17, 2020 /PRNewswire/ -- Schubert Jonckheer & Kolbe LLP is investigating potential derivative claims on behalf of shareholders of Tupperware Brands Corporation (NYSE: TUP) related to the company's alleged participation in a fraudulent sales scheme at its Fuller Mexico operating unit.
Investors allege that between January 31, 2018 and February 24, 2020, Tupperware misled them regarding the financial health of its Fuller Mexico business which, but for a fraudulent scheme of booking revenues from fake sales, would have required approximately $40 million in impairments to goodwill and intangible assets much sooner than were eventually recorded. Tupperware's share price plummeted when it finally revealed the truth and recorded the necessary impairments.
A securities class action, including claims by former employees who allege knowledge and participation by senior Tupperware executives, is currently pending against the company in the U.S. District Court for the Middle District of Florida.
The Schubert Firm is investigating shareholder derivative claims based on the harm the company has suffered as a result of these potential breaches of fiduciary duty by Tupperware's officers and directors.
For more information, please visit our website athttp://www.classactionlawyers.com/TUP.
If you own stock in Tupperware and wish to obtain additional information about your legal rights, pleasecontact ustoday.
About Schubert Jonckheer & Kolbe LLP
Schubert Jonckheer & Kolberepresents shareholders, employees, and consumers in class actions against corporate defendants, as well as shareholders in derivative actions against their officers and directors. The firm is based in San Francisco, and with the help of co-counsel, litigates cases nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
ContactDustin L. SchubertSchubert Jonckheer & Kolbedschubert@sjk.lawTel: 415-788-4220
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SOURCE Schubert Jonckheer & Kolbe LLP