Tupperware Corp. Struggles with Compliance and Audit Challenges

Tupperware Corp. (TUP) has provided an update.

A company has been notified by the NYSE of non-compliance due to its delay in filing the annual report (Form 10-K) for 2023, with six months to rectify the situation. The delay is attributed to material weaknesses in internal controls and significant turnover in the accounting department, which has led to a loss of continuity and resource strain. The company, now engaging KPMG for audit purposes, is working on the issues and expects to file within the six-month period but cannot provide a specific date. It has regained compliance with NYSE’s market capitalization and stock price requirements but remains under a twelve-month review. The company’s statements about future compliance are forward-looking and subject to various factors, including the timely completion of financial statements and audits.

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