Tupperware in talks with SEC to settle probe of accounting at previously owned Mexico business

Tupperware Brands Corp. said Wednesday it is in talks with the Securities and Exchange Commission to settle an inquiry into its previously-owned Fuller Mexico business and its Tupperware Mexico business. The SEC has been reviewing accounting practices at that business and Tupperware has been cooperation with the inquiry. “As these discussions continue and as required by U.S. GAAP, the Company plans to recognize an estimated liability for this matter within its condensed consolidated balance sheet as of June 25, 2022 in an amount the Company believes is immaterial to its business, financial condition, results of operations and cash flows,” Tupperware said in a regulatory filing. The company sold the business to a third party in the second quarter, it added. Shares were down 0.2% premarket and have lost 58% of their value in the year to date, while the S&P 500 has fallen 12.7%.

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