Tupperware Delays Filing of 2022 Form 10-K Citing Tax Restatement Work

Tupperware Brands Corporation filed a Form 12b-25 on March 16, 2023, notifying the SEC that it could not timely file its Annual Report on Form 10-K for the year ended December 31, 2022, and seeking the standard 15-calendar-day extension. The company said it needed more time to complete the report, including restatement of previously issued financial statements.

On March 12, 2023, the Audit and Finance Committee concluded that consolidated financial statements for 2020 and 2021 and unaudited interim statements for 2021 and the first three quarters of 2022 were materially misstated and should no longer be relied upon. Misstatements originating before 2020 were expected to reduce 2020 beginning retained earnings by about 23 million to 28 million dollars, primarily from income-tax errors. Material weaknesses were identified in risk assessment, income-tax accounting, and lease accounting.

Chief financial officer Mariela Matute signed the notification. The company said it was endeavoring to complete the Form 10-K as promptly as possible but could not assure filing within the extension period.