Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
On February 25, 2020 Tupperware stock plummeted to a record low after the company disclosed a shortfall in 2019 profit, announced an investigation into its financial accounting, and admitted it is expecting a need for relief from creditors concerning its covenant on $650 million of debt. On this news, Tupperware Brands Corportationstock dropped over 40%, significantly harming investors.
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Tupperware Stock News: TUP Loses Nearly Half It's Value on Profit Warning and Disclosure of Accounting Probe
On February 24th after the market closed, Tupperware issued a press release announcing that it will be unable to file its annual report for the 2019 fiscal year in a timely manner. According to the company, the preliminary results were affected by “financial reporting issues” in its Fuller Mexico beauty business, which prompted an investigation into the accounting at the business. According to MarketWatch, the company’s results included a 2019 profit shortfall, with a decrease in adjusted earnings per share and adjusted EPS.
In addition to its accounting problems, Tupperware also announced that it is expecting a need for relief from some of its debt. According to the press release,
Based on the 2020 outlook, the Company is forecasting a need for relief concerning its existing leverage ratio covenant in its $650 million Credit Agreement dated March 29, 2019 (the “Credit Agreement”), to avoid a potential acceleration of the debt, which could have a material adverse impact on the Company.
On this news, Tupperware stock plummeted nearly 50% in intraday, reaching a record low on February 25th. Our firm will continue to investigate.
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