American company Tupperware Brands Corp. said on Wednesday, June 8th, 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.
It added that the company sold the business to a third party in the second quarter.
Shares were down 0.2% premarket and have lost 58% of their value in the year to date, while the S&P 500 SPX, -1.08% has fallen 12.7%.
Source: Market Watch