Feb 25, 2020 | Securities Class Action Archive
Kehoe Law Firm, P.C. Investigating Securities Claims Against Tupperware Brands Corporation – TUP
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of shareholders of Tupperware Brands Corporation (“Tupperware” or the “Company”) (NYSE: TUP) resulting from allegations that Tupperware may have issued materially misleading business information to the investing public.
If you purchased or otherwise acquired Tupperware securities between January 30, 2019 and February 24, 2020 (the “Class Period”), you are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], or John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], to learn more about the Tupperware securities investigation or your potential legal claims.
On February 28, 2020, a class action lawsuit was filed in United States District Court, Middle District of Florida, against Tupperware Brands Corporation and other Company executives. According to the complaint, throughout the Class Period, [Tupperware] 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, [Tupperware] Defendants failed to disclose to investors: (1) Tupperware lacked effective internal controls; (2) there were accounting irregularities relating to the Company’s Fuller Mexico business; (3) as a result of the above, Tupperware would need to investigate those accounting irregularities and be unable to timely file its 2019 annual report; (4) Tupperware would need relief from its $650 million Credit Agreement; (5) Tupperware provided overvalued earnings per share guidance; and (6) as a result of the above, Defendants’ public statements were materially false and/or misleading at all relevant times.
On February 25, 2020, a class action lawsuit was filed in United States District Court, Central District of California, against Tupperware Brands Corporation and other Company executives. According to the complaint, Defendants, allegedly, made false and/or misleading statements and/or failed to disclose that: (1) Tupperware lacked effective internal controls; (2) as a result, Tupperware would need to investigate Fuller Mexico’s accounting and liabilities; (3) consequently, Tupperware would be unable to timely file its annual report on Form 10-K for its fiscal year 2019; (4) Tupperware did not properly account for its accounts payable and accrued liabilities at Fuller Mexico; (5) Tupperware provided overvalued earnings per share guidance; (6) Tupperware would need relief from its $650 million Credit Agreement; and (7) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
On February 24, 2020, post-market, Tupperware issued a press release announcing it will need an extension within which to timely file its annual report (Form 10-K) for the fiscal year ended December 28, 2019. Tupperware also announced it expects 2019 net earnings per share “in the range of breakeven to $0.34 versus $3.11 in the prior year[,]” and adjusted EPS of “$1.35-$1.70 versus $4.30 in the prior year.”
Tupperware said results were affected by “financial reporting issues in Fuller Mexico” and that Tupperware is “conducting an investigation primarily into the accounting for accounts payable and accrued liabilities at its Fuller Mexico beauty business[.]” Additionally, “[Tupperware] is forecasting a need for relief concerning its existing leverage ratio covenant in its $650 million Credit Agreement dated March 29, 2019 . . . to avoid a potential acceleration of the debt, which could have a material adverse impact on the Company.”
On this news, Tupperware’s stock price dropped significantly, and on February 25, 2020, Tupperware’s stock was down as much as 45%.
If you wish to discuss Kehoe Law Firm’s Tupperware securities investigation or have questions about your potential legal rights, please contact either John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to learn more about the investigation or potential legal claims.
Feb 18, 2020 | Securities Class Action Archive
SEC Investigation of Fluor’s Past Accounting and Financial Reporting
Kehoe Law Firm, P.C. is making Fluor Corporation investors aware that on February 18, 2020, Fluor Corporation (“Fluor” or the “Company”) (NYSE: FLR) announced “. . . that the Securities and Exchange Commission . . . is conducting an investigation of the Company’s past accounting and financial reporting, and has requested documents and information related to projects for which [Fluor] recorded charges in the second quarter of 2019.”
Additionally, Fluor announced that
[i]n the course of responding to the SEC’s data requests and conducting our own internal review, the Company is reviewing its prior period reporting and related control environment. [Fluor] has not made a determination at this time as to whether there are prior period material errors in its financial statements, although such remains possible. Given the ongoing internal review and recent developments on two projects, [Fluor] does not expect to complete and file its annual report on Form 10-K prior to the end of February.
On this news, Fluor’s stock price dropped $4.70, or more than 24%, during intraday trading on February 18, 2020, thereby injuring Fluor investors.
Fluor Corporation Investors & Shareholders
If you purchased, or otherwise acquired, Fluor Corporation stock and have suffered losses on your investments, you are encouraged to contact either John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to discuss your potential legal rights.
Feb 7, 2020 | Securities Class Action Archive
Kehoe Law Firm, P.C. Investigating Securities Claims on Behalf of AOSL Shareholders
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of shareholders of Alpha and Omega Semiconductor Limited (“AOSL” or the “Company”) (NASDAQ: AOSL) to determine whether Alpha and Omega Semiconductor may have violated the federal securities laws.
On February 5, 2020, AOSL issued a press release which, among other things, stated:
The Company notes that Department of Justice recently commenced an investigation into the Company’s compliance with export control regulations relating to certain business transactions with Huawei and its affiliates (“Huawei”), which were added to the “Entity List” by the Department of Commerce (“DOC”). The Company is cooperating fully with federal authorities in the investigation. The Company has maintained an export control compliance program and has been committed to comply fully with all applicable laws and regulations. In connection with this investigation, DOC has requested the Company to suspend shipments of its products to Huawei, and the Company is currently working with DOC to resolve this issue. Accordingly, [AOSL] expect[s] the financial performance in the March quarter will be negatively impacted by the Huawei shipment interruption and by additional professional fees incurred in connection with the investigation. [AOSL] note[s] that the DOC order applies to only [its] shipment to Huawei and sales to other non-Huawei customers are expected to continue, unaffected by the order. Since this is a pending and confidential matter, the Company does not intend to comment further on the status of this investigation except as required by law. [Emphasis added.]
On this news, AOS’s stock price fell $1.48 per share, or 12%, to close at $10.85 per share on February 6, 2020.
If you wish to discuss Kehoe Law Firm’s investigation or have questions about your potential legal rights, please contact either John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to learn more about the investigation or potential legal claims.
Jan 29, 2020 | Securities Class Action Archive
Kehoe Law Firm, P.C. Investigating Securities Claims On Behalf of BYND Investors
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of shareholders of Beyond Meat, Inc. (“Beyond Meat” or the “Company”) (NASDAQ: BYND) to determine whether Beyond Meat may have violated federal securities laws.
On January 27, 2020, post-market, Don Lee Farms issued a press release entitled “Judge Rules Don Lee Farms Likely to Obtain a Judgment. Beyond Meat’s CFO and Others Named Individually for Fraud.” The press release stated, in part, that “[a] judge has ruled Don Lee Farms proved the probable validity of its claim that Beyond Meat breached its manufacturing agreement with Don Lee Farms” and that “[i]n a separate motion before a different Judge, the Court granted Don Lee Farms’ request to name Beyond Meat Chief Financial Officer Mark Nelson, Senior Quality Assurance Manager Jessica Quetsch and Director of Operations Anthony Miller in its fraud claims which allege they intentionally doctored and omitted material information from a food safety consultant’s report, and then delivered that doctored report to Don Lee Farms and affirmatively represented that it was the complete opinion of the consultant.”
On this news, Beyond Meat’s stock price fell $4.63, or 3.71%, to close at $120.12 on January 28, 2020.
If you wish to discuss Kehoe Law Firm’s investigation or have questions about your potential legal rights, please contact either John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to learn more about the investigation or potential legal claims.
Kehoe Law Firm, P.C.
Jan 17, 2020 | Securities Class Action Archive
Kehoe Law Firm Investigating Securities Claims on Behalf of Investors of Portola Pharmaceuticals
Kehoe Law Firm, P.C. is investigating claims on behalf of investors of Portola Pharmaceuticals (“Portola” or the “Company”) (NasdaqGS: PTLA) for potential violations of the federal securities laws.
PTLA investors who purchased, or otherwise acquired, the securities of Portola Pharmaceuticals between November 5, 2019 and January 9, 2020, inclusive (the “Class Period”), are encouraged to contact Kehoe Law Firm, P.C. to discuss the investigation and potential claims.
A class action lawsuit has been filed against Portola on behalf of persons or entities that purchased, or otherwise acquired, Portola securities between November 5, 2019 and January 9, 2020, inclusive. The lawsuit is pursuing claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
According to the complaint, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about Portola’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Portola’s internal control over financial reporting regarding reserve for product returns was not effective; (2) that Portola was shipping longer-dated product with 36-month shelf life; (3) that Portola had not established adequate reserve for returns of prior shipments of short-dated product; (4) that, as a result, Portola was reasonably likely to need to “catch up” on accounting for return reserves; and (5) that, as a result of the foregoing, Defendants’ positive statements about Portola’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you wish to discuss the class action lawsuit, Kehoe Law Firm’s investigation or have questions about your potential legal rights, please contact either John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to learn more about the investigation or potential legal claims.
Jan 16, 2020 | Securities Class Action Archive
Opera Limited Shareholder Alert – Kehoe Law Firm, P.C. Investigating Securities Claims on Behalf of OPRA Shareholders
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of shareholders of Opera Limited (“Opera” or the “Company”) (NasdaqGS: OPRA) to determine whether Opera may have issued materially misleading information to the investing public in violation of the federal securities laws.
On January 16, 2020, Hindenburg Research published a report alleging, among other things, that “[m]ost of Opera’s lending business is operated through apps offered on Google’s Play Store. In August, Google tightened rules to curtail predatory lending and, as a result, Opera’s apps are now in black and white violation of numerous Google rules.” Further, Hindenburg Research stated that Opera, “[i]nstead of disclosing to investors that its “high-growth” microfinance segment could be imperiled by these new rules, Opera . . . immediately raised $82 million in a secondary offering without disclosing Google’s changes to investors.”
On this news, Opera’s stock price fell sharply during intraday trading on January 16, 2020, injuring investors.
A class action lawsuit was filed on behalf of all persons and entities who purchased, or otherwise acquired, the American Depositary Shares (“ADS”) of Opera Limited (i) pursuant and/or traceable to the Company’s initial public offering that commenced on or about July 27, 2018 (the “IPO” or “Offering”); and/or (ii) Opera securities between July 27, 2018 and January 15, 2020, inclusive (the “Class Period”). The class action lawsuit seeks to recover damages for Opera investors under the federal securities laws.
According to the lawsuit, the Offering Documents and defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that (1) Opera’s sustainable growth and market opportunity for its browser applications was significantly overstated; (2) Defendants’ funded, owned, or otherwise controlled, loan services applications and/or businesses relied on predatory lending practices; (3) all the foregoing, once revealed, were reasonably likely to have a material negative impact on Opera’s financial prospects, especially with respect to its lending applications’ continued availability on the Google Play Store; and (4) as a result, the Offering Documents and defendants’ statements were materially false and/or misleading and failed to state information required to be stated therein.
If you purchased, or otherwise acquired, OPRA securities pursuant and/or traceable to the IPO and/or during the Class Period and wish to discuss Kehoe Law Firm’s investigation, the class action lawsuit or have questions about your potential legal rights, please contact either John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected].
