NEW YORK, Oct. 11, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against International Flavors & Fragrances Inc. (“IFF” or “the Company”) (NYSE: IFF) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired IFF securities between May 7, 2018 and August 5, 2019, both dates inclusive. Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/iff.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) that Frutarom had bribed customers in Russia and Ukraine; (2) that senior management at Frutarom were aware of such improper payments; (3) that, as a result, Frutarom’s financial results were materially overstated; (4) that, as a result of the improper payments, the Company was reasonably likely to face regulatory scrutiny; (5) that the Company had not completed adequate due diligence before acquiring Frutarom; (6) that, as a result of the foregoing, the Company was unlikely to achieve purported synergies from the acquisition; and (7) 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.
On August 5, 2019, IFF announced its financial results for the second quarter of 2019. IFF significantly lowered its 2019 guidance, advising investors that it expects adjusted earnings per share (“EPS”) of $4.85 to $5.05 on revenue of $5.15 billion to $5.25 billion, down from its previous guidance of adjusted EPS in the range of $4.90 to $5.10 and revenue of $5.2 billion to $5.3 billion. In addition, IFF disclosed that it is investigating improper payments made by two businesses of its Israeli subsidiary Frutarom “operating principally in Russia and Ukraine . . . to representatives of a number of customers.” On this news, IFF’s stock price fell $22.56 per share, or 15.95%, to close at $118.91 per share on August 6, 2019.
If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/iff or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss IFF you have until October 11, 2019 to request that the Court appoint you as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
