Tupperware Brands (NYSE:TUP) shares have skyrocketed nearly 50% Wednesday as the latest meme stock rally has been undeterred by the departure of Richard Goudis, its executive vice chair.
The stock gained nearly 24% on Tuesday after the company announced in a filing that Goudis also plans to resign as a director of Tupperware's board. The company said the decision was not tied to any disagreement.
The stock closed Monday at $1.17 per share and had reached $2.19 by noon Wednesday.
The frenzy didn’t start this week, though. In July, shares of the food-storage container producer surged 434% on no apparent news.
In fact, the company issued a going-concern warning back in April, signaling to investors that it could go bust.
Investors seem to have other plans.
Goudis's resignation will be effective after Tupperware files its annual report, which is expected by mid-October. He joined the company in 2000.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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