Eileen Epstein Carney
Eileen works closely with investors in securities cases and has over a decade of experience in the legal world. She received her law degree from American University in 2005.
Tupperware Brands Lawsuit Investigation
TUP Stock drops nearly 50%: Tupperware Brands investigating financial accounting
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 Corportation (NYSE:TUP) stock 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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We represent individuals, whistleblowers, employees, and small businesses across the U.S. against the world's largest corporations. Our award-winning lawyers have achieved landmark recoveries and over a billion dollars for our clients in high-stakes class action and individual cases involving consumer protection, data breach, digital privacy, and federal and financial fraud lawsuits. Our attorneys have received numerous honors for their work, including “Top Plaintiff Lawyers in California,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” “Best Lawyers in America,” and “Top Cybersecurity/ Privacy Attorneys Under 40.