Tupperware Announces Settlement of SEC Investigation for Now Divested Entity
Tupperware Brands Corporation (NYSE: TUP) announced a settlement with the U.S. Securities and Exchange Commission regarding an inquiry into accounting practices of its divested House of Fuller beauty business in Mexico from 2016 to 2020. The company will pay a civil penalty that is considered immaterial and was accrued in Q2 2022. CEO Miguel Fernandez emphasized the company’s commitment to ethical practices, stating they took proactive measures upon discovering the issues. Tupperware sold the House of Fuller business in Q2 2022 as part of its strategy to focus on core operations.
- Settlement with SEC resolves accounting issues without admitting wrongdoing.
- Civil penalty deemed immaterial, with costs already accrued.
- Continued focus on core business after divesting non-core assets.
- Involvement in SEC investigation may raise concerns among investors.
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ORLANDO, Fla., Sept. 29, 2022 /PRNewswire/ -- Tupperware Brands Corporation (NYSE: TUP), a leading global consumer products company, today announces that it has reached a settlement with the U.S. Securities and Exchange Commission (SEC) to fully resolve resolve its inquiry related to certain accounting practices of the now divested House of Fuller beauty business in Mexico from 2016 through the first quarter of 2020. Under terms of the settlement, Tupperware neither admits nor denies the SEC's findings and will pay an immaterial civil penalty, which was fully accrued in the second quarter of 2022.
"One of our core principles at Tupperware is that we do what's right. When we first discovered certain accounting issues in our now divested beauty business in Mexico, we took swift action to conduct a thorough internal review and proactively address the findings to improve our processes, procedures and internal control framework in this former business," said Miguel Fernandez, CEO of Tupperware. "We are pleased to put this issue to rest and focus on moving the Tupperware brand into the future."
Tupperware closed on the sale of the House of Fuller beauty business in Mexico in the second quarter of 2022 as part of its stated strategy of divesting non-core assets and focusing its resources on growing the core Tupperware brand.
About Tupperware Brands Corporation
Tupperware Brands Corporation (NYSE: TUP) is a leading global consumer products company that designs innovative, functional and environmentally responsible products that people love and trust. Founded in 1946, Tupperware's signature container created the modern food storage category that revolutionized the way the world stores, serves and prepares food. Today, this iconic brand has more than 8,500 functional design and utility patents for solution-oriented kitchen and home products. With a purpose to nurture a better future, Tupperware® products are an alternative to single-use items. The company distributes its products into nearly 70 countries primarily through independent representatives around the world. For more information, visit Tupperwarebrands.com or follow Tupperware on Facebook, Instagram, LinkedIn and Twitter.
Investors: Doug Lane, douglaslane@tupperware.com
Media: Cameron Klaus, cameronklaus@tupperware.com, (407) 371-9784
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SOURCE Tupperware Brands Corporation
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