BENSALEM, Pa.–(BUSINESS WIRE)–$IFF–Law Offices of Howard G. Smith reminds investors of the upcoming October 11, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased International Flavors & Fragrances Inc. (“IFF” or the “Company”) (NYSE: IFF) securities between May 7, 2018 and August 5, 2019, inclusive (the “Class Period”).
Investors suffering losses on their IFF investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On August 5, 2019, after the market closed, the Company disclosed that Frutarom had “made improper payments to representatives of a number of customers” in Russia and Ukraine and that “key members of Frutarom’s senior management at the time were aware of such payments.” The Company also reduced its 2019 financial guidance for sales to a range of $5.15 billion to $5.25 billion, from a range of $5.2 billion to $5.3 billion, and for adjusted earnings per share to a range of $4.85 to $5.05, from $4.90 to $5.10.
On this news, the Company’s share price fell $22.56 per share, or nearly 16%, to close at $118.91 per share on August 6, 2019, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, 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.
If you purchased IFF securities during the Class Period you may move the Court no later than October 11, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
