
Inari Medical, Inc. (NARI)
Whether directors and officers of Inari Medical, Inc. (NARI) breached their fiduciary duties to the company and its shareholders.
Investigation
05/04/2022
Initial Lawsuit
06/14/2022
Lawsuit Progression
08/15/2022
Did Tupperware Brands Corporation mislead investors about its financial results?
As a reminder, Tupperware’s Q1 2022 started December 26, 2021, and ended March 26, 2022.
The Russia/Ukraine conflict reportedly escalated on February 24, 2022.
The biggest Covid-19 lockdown in China reportedly started on March 28, 2022.
On February 23, 2022 (more than 2 months in Q1 2022), Tupperware released its Q4 2021 financial results, including its guidance for the year 2022 with diluted earnings expected between $2.60 to $3.20. The executives did not mention the Russia/Ukraine conflict, or the lockdown in China, or internal challenges.
One month later, the quarter ended. On May 4, 2022, the company reported its financial results for Q1 2022: net sales down 16%, diluted earnings per share of $0.05, and withdrawal of its outlook for the year, citing “the Russia/Ukraine conflict, as well as strict COVID-related lockdowns in China and internal challenges in execution, technology, and service.”
When asked during the conference call by an analyst about “how much worse were the March sales versus what [they] were experiencing in January and February?” The CFO explained that “there were many things that happened”, including the impact of the previously explained “unanticipated” reasons, along with softer business in Malaysia and a B2B program in Europe.
This post is open for investors to gather facts, and findings and track their exposure to related lawsuits. We invite investors and shareholders to contribute to this investigation for their own benefit, add events to the factual timeline below and vote on events’ pertinence.
A lawsuit was subsequently filed. We will update this post as it unfolds.
05/04/2022
The company reports its financial results for Q1 2022, with net sales down 16%, and diluted earnings per share of $0.05. The company also withdraws its outlook for the year, citing “the Russia/Ukraine conflict, as well as strict COVID-related lockdowns in China and internal challenges in execution, technology, and service.”
Tupperwear announces the transition to a new CEO expected on May 24, 2022.
When asked during the conference call by an analyst about “how much worse were the March sales versus what [they] were experiencing in January and February?” The CFO explains that “there were many things that happened“, including the impact of the previously explained “unanticipated” reasons, along with softer business in Malaysia and a B2B program in Europe.
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$12.15 | $17.91 | $-5.76 | -32.16% |
A shareholder brings this federal securities class action on behalf of a class consisting of all persons and entities other than defendants that purchased or otherwise acquired Tupperware securities between November 3, 2021 and May 3, 2022, both dates inclusive.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:
(i) Tupperwarewas facing significant challenges in maintaining its earnings and sales performance;
(ii) accordingly, Tupperware’s full year 2022 guidance was unrealistic and/or unsustainable;
(iii) all the foregoing, once revealed, was likely to have a material negative impact on Tupperware’s financial condition; and
(iv) as a result, the company’s public statements were materially false and misleading at all relevant times.
The lead plaintiff deadline has passed, we will update this page as the lawsuit progresses.
Last event retrieved on 09/24/2022.
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