Pomerantz Appointed Co-Lead Counsel in Tupperware Brands Securities Litigation

On September 16, 2022, U.S. District Judge Roy B. Dalton Jr., of the Middle District of Florida (Orlando Division), appointed Pomerantz LLP as Co-Lead Counsel on behalf of its client, Michael Edge, who serves as the Co-Lead Plaintiff – with another, and the class, in Edge v. Tupperware Brands Corporation, 22-cv-1518 (M.D. Fla.). This securities action alleges that Tupperware Brands Corporation ("Tupperware" or the "Company") misled the market regarding its financial performance and condition.

Tupperware is a global consumer products company that markets kitchen and household products, including its well-known line of plastic food storage containers. The Company also makes cookware, knives, microwave products, microfiber towels, items related to at-home water-filtration, and other products.

Allegations against Tupperware include that: (i) the Company was facing significant challenges in maintaining its earnings and sales performance; (ii) accordingly, Tupperware’s full year 2022 guidance was unrealistic and/or unsustainable; and (iii) all the foregoing, once revealed, was likely to have a material negative impact on the Company’s financial condition.

On May 4, 2022, Tupperware announced its financial results for the first quarter of 2022, reporting adjusted earnings per share from continuing operations and net sales that fell well short of consensus estimates. The Company also 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, the Company acknowledged that Russia and Ukraine only accounted for 2% of its revenue – which it characterized as “not overly significant.”

On this news, Tupperware’s share price fell 32.1%.