Tupperware class action alleges company made false, misleading statements in 2020 annual report

Tupperware 2020 annual report class action lawsuit overview: 

• Who: Nestor Ouranitsas filed a class action lawsuit against Tupperware Brands Corporation and two current and one former of its executives. 
• Why: Ouranitsas claims Tupperware harmed investors by allegedly making false and misleading statements in its 20202 Annual Report filing with the SEC.
• Where: The class action lawsuit was filed in Florida federal court.

Tupperware Brands Corporation’s 2020 Annual Report filing with the U.S. Securities and Exchange Commission (SEC) contained false and misleading statements, a new class action lawsuit alleges. 

Plaintiff Nestor Ouranitsas claims Tupperware, along with its CEO, CFO, and former CFO, failed to disclose that the company did not “properly account for the completeness, accuracy and presentation of the income tax provision, as well as for leases.”  

“The 2020 Annual Report did not disclose any material weaknesses in the Company’s internal controls relating to the provision for income taxes,” the Tupperware class action states.

Ouranitsas argues the Tupperware executives, meanwhile, were “aware of or recklessly disregarded” that the company was allegedly making false and misleading statements about the company. 

Further, Ouranitsas claims the Tupperware executives violated federal securities law when they “approved or ratified these statements.” 

“Defendants, individually and in concert, directly or indirectly, disseminated or approved the false statements … which they knew or deliberately disregarded were misleading,” the Tupperware class action states. 

Ouranitsas wants to represent a nationwide class of persons or entities who purchased or otherwise acquired publicly traded Tupperware securities between March 10, 2021 and March 16, 2023. 

Tupperware stock drops after company announces it ‘identified misstatements,’ says class action

Tupperware announced on March 1 that it had “identified misstatements in prior annual and unaudited interim periods” and expected to report at least one “material weakness” in its current report filed with the SEC, according to the Tupperware class action. 

Ouranitsas claims Tupperware stock fell 14.88% on the day of the company’s revelation and an additional 7.7% on March 17, following additional disclosures Tupperware filed with the SEC the day prior. 

“As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s common shares, Plaintiff and other Class members have suffered significant losses and damages,” the Tupperware class action states. 

Ouranitsas claims Tupperware and the executives violated the Securities and Exchange Act of 1934. He is demanding a jury trial and requesting declaratory relief along with an award of damages for himself and all class members. 

A similar class action lawsuit was filed against Tupperware last summer by a consumer arguing the company harmed investors by allegedly making false and misleading statements about its business, operations, and compliance policies. 

Have you invested in publicly traded Tupperware securities? Let us know in the comments! 

The plaintiff is represented by Laurence M. Rosen of The Rosen Law Firm, P.A.

The Tupperware 2020 annual report class action lawsuit is Ouranitsas, et al. v. Tupperware Brands Corporation, et al., Case No. 6:23-cv-00511, in the U.S. District Court for the Middle District of Florida.

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