International Flavors & Fragrances Inc. (NYSE: IFF) Investor Securities Class Action Lawsuit 08/12/2019

If you purchased a significant amount of shares of International Flavors & Fragrances Inc. (NYSE: IFF) between May 7, 2018 and August 5, 2019, and / or if you purchased any NYSE: IFF shares prior to May 2018 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: October 11, 2019. NYSE: IFF investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
International Flavors & Fragrances
Case Name: 
International Flavors & Fragrances Shareholder Class Action Lawsuit 08/12/2019
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: IFF
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/12/2019
Class Period Begin: 
05/07/2018
Class Period End: 
08/05/2019
Court of Filing: 
U. S. District Court for the Southern District of New York
Deadline To File for Lead: 
10/11/2019
Summary: 

An investor in shares of International Flavors & Fragrances Inc. (NYSE: IFF) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by International Flavors & Fragrances Inc. in connection with certain allegedly false and misleading statements made between May 7, 2018 and August 5, 2019.

New York based International Flavors & Fragrances Inc., together with its subsidiaries, manufactures flavors and fragrances for use in various consumer products. International Flavors & Fragrances Inc. reported that its annual Total Revenue rose from $3.39 billion in 2017 to $3.97 billion in 2018 and that its Net Income increased from $295.66 million in 2017 to $337.3 million in 2018. Th International Flavors & Fragrances Inc acquired Frutarom Industries Ltd. (“Frutarom”) in October 2018 for $7.1 billion.

On August 5, 2019, International Flavors & Fragrances Inc announced it is investigating "improper payments" made by Israeli ingredient and flavor subsidiary Frutarom, which the company acquired in a $7.1 billion deal in May 2018.
During the integration of Frutarom, International Flavors & Fragrances Inc said, it was made aware of allegations that "two Frutarom businesses operating principally in Russia and Ukraine made improper payments to representatives of a number of customers."
Additionally, on August 5, 2019, International Flavors & Fragrances Inc reported second-quarter financial results and reduced its outlook for the full year.

Shares of International Flavors & Fragrances Inc. (NYSE: IFF) declined from $152.95 per share in June 2019 to as low as $121.04 per share on Augus t8, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of International Flavors & Fragrances Inc. (NYSE: IFF) common shares between May 7, 2018 and August 5, 2010, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 7, 2018 and August 5, 2019, the Defendants failed to disclose to investors that Frutarom had bribed customers in Russia and Ukraine, that senior management at Frutarom were aware of such improper payments, that, as a result, Frutarom’s financial results were materially overstated,that, as a result of the improper payments, the Company was reasonably likely to face regulatory scrutiny, that the Company had not completed adequate due diligence before acquiring Frutarom, that, as a result of the foregoing, the Company was unlikely to achieve purported synergies from the acquisition, and that that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.