Tupperware class action alleges company misled investors with false performance statements 

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Tupperware investors class action lawsuit overview: 

• Who: Michael Edge filed a class action lawsuit against Tupperware Brands Corporation and top executives Miguel Fernandez and Cassandra Harris. 
• Why: Edge claims Tupperware financially harmed investors by allegedly making false and misleading statements about its business, operations and compliance policies.
• Where: The class action lawsuit was filed in New York federal court. 

Tupperware Brands Corporation and its top executives made “materially false and misleading” statements about its business, operations and compliance policies, a new federal securities class action lawsuit alleges. 

Plaintiff Michael Edge claims Tupperware, along with its president and CEO Miguel Fernandeaz and CFO and COO Cassandra Harris, failed to disclose that it was “facing significant challenges” in maintaining its earnings and sales. 

Edge claims further that Tupperware’s full-year guidance for 2022 was “unrealistic” and/or “unsustainable,” which, when revealed, would likely have a “material negative impact” on the company’s financial condition. 

“As a result, the Company’s public statements were materially false and misleading at all relevant times,” the Tupperware class action states. 

Tupperware announced its financial results from the first quarter of 2022 on May 4, revealing, among other things, that its adjusted earnings from continued operations and net sales fell “well short of consensus estimates,” according to the Tupperware class action. 

Tupperware class action says company places blame for ‘less-than-expected’ results on Russia, Ukraine war

Edge claims Tupperware initially placed the blame for its less-than-expected financial results on the war between Russia and Ukraine; however, he argues the company later admitted Russia and Ukraine only make up 2% of its revenue. 

Upon news of Tupperware’s first quarter financial results, meanwhile, the company’s stock price dropped by around 32% on May 4, according to the Tupperware class action. 

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

Edge claims Tupperware, Fernandez and Harris violate the Securities Exchange Act of 1934. He demands a jury trial and requests damages for himself and all class members. 

He wants to represent a nationwide class of investors who purchased or otherwise acquired Tupperware securities between Nov. 3, 2021, and May 3, 2022, and were damaged “upon the revelation of the alleged corrective disclosures.” 

In 2018, some consumers suspected Tupperware was recording inbound customer service calls without first being given consent. 

Were you injured financially after Tupperware revealed its first quarter financial results? Let us know in the comments! 

The plaintiffs are represented by Jeremy A. Lieberman, J. Alexander Hood II and Thomas H. Przybylowski of Pomerantz LLP and Lesley F. Portnoy of Portnoy Law Firm. 

The Tupperware investors class action lawsuit is Edge v. Tupperware Brands Corporation, et al., Case No. 1:22-cv-04976, in the U.S. District Court for the Southern District of New York.

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