Tupperware Is Investigated For Securities Fraud After Shares Fall 45%

Tupperware Brands Corporation TUP is under investigation by law firm Block & Leviton LLC, who are looking into “possible securities fraud.”

What Happened

Tupperware, a household products e-commerce platform, announced on Feb. 24 that it had filed a Notification of Late Filing with the Securities and Exchange Commission (SEC) for a 15 calendar day extension to file its 10-K form for the fiscal year ended December 28, 2019.

The company claimed the extension would provide them time to finalize additional procedures as “part of its investigation” with regards to the impact of “certain financial matters” in its Fuller Mexico beauty business. The extension would also buy time to finalize its tax rate.

Tupperware shares fell more than 45% after news of the cancellation of earnings call came out on Tuesday.

Legal Office Block & Leviton represents investors and carries out securities litigation,  investigates possible fraud. 

Price Action

Tupperware shares traded 2.57% higher at $3.19 in the after-hours session on Tuesday. The shares had closed the regular session 45.63% lower at $3.11.