Tupperware to Restate Results; Identifies Material Weakness

Tupperware says it identified multiple prior relevant period misstatements relating to its accounting for income taxes and leases. Co. also says a material weakness exists in internal control over financial reporting.

• Co. to restate results and delay 10-K filing
• Misstatements prior to 2020 are expected to result in a $23m-28m reduction to the previously reported 2020 beginning retained earnings
• Co. also sees net impact of the prior period misstatements result in an increase in net income from continuing operations for the year ended December 26, 2020, and a decrease in net income from continuing operations for the year ended December ...