TUPPERWARE BRANDS CORP: auditor change — Tupperware restates 2020-2022 financials; material weaknesses found

TUPPERWARE BRANDS CORP

Restating FY2020, FY2021, and quarterly 2021-2022 reports due to income tax and lease accounting errors.
Preliminary $23-28M reduction to 2020 beginning retained earnings; net income expected to increase for 2020 but decrease for 2021-2022.
Material weaknesses in internal controls over income taxes and lease accounting identified as of Dec 31, 2022.
2022 Form 10-K delayed; Form 12b-25 filed for 15-day extension.
CEO Miguel Fernandez says corrections do not change 2023 financial outlook; remediation underway.

item 4.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

TUPPERWARE BRANDS CORP reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: PricewaterhouseCoopers LLP

Exact text from the filing

On March 12, 2023, the Audit and Finance Committee of the Company’s Board of Directors, based on the recommendation of management of the Company and after consultation with PricewaterhouseCoopers LLP, the Company’s independent registered public accounting firm, concluded that the Company’s previously issued consolidated financial statements as of and for the years ended December 26, 2020 and December 25, 2021, and the previously issued unaudited interim condensed consolidated financial statements in 2021 and the first three quarters of 2022 (collectively, the “Relevant Periods”), as well as the associated earnings press releases, were materially misstated and therefore the financial statements should be restated and the financial statements and earnings press releases should no longer be relied upon.

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Source: SEC EDGAR

accession 0001008654-23-000022

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