A lawsuit was filed on behalf of investors in International Flavors & Fragrances Inc. (NYSE: IFF) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 08/27/2019 -- An investor, who purchased shares of International Flavors & Fragrances Inc. (NYSE: IFF), filed a lawsuit over alleged violations of Federal Securities Laws by International Flavors & Fragrances Inc.
Investors who purchased shares of International Flavors & Fragrances Inc. (NYSE: IFF) 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 at email@example.com or call +1(858) 779 - 1554.
New York based International Flavors & Fragrances Inc., together with its subsidiaries, manufactures flavors and fragrances for use in various consumer products. The 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.
The plaintiff claims that between May 7, 2018 and August 5, 2019, the Defendants failed to disclose to investors: (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.
Those who purchased shares of International Flavors & Fragrances Inc. (NYSE: IFF) have certain options and should contact the Shareholders Foundation.
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