Lead Plaintiff Deadline Is October 11, 2019
NEW YORK, Aug. 14, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action has been filed in the United States District Court for the Southern District of New York on behalf of all investors that purchased International Flavors & Fragrances, Inc. (IFF) (the “Company”) securities between May 7, 2018 and August 5, 2019 (the "Class Period"), inclusive.
Investors who purchased the shares of International Flavors & Fragrances, Inc. at anytime are urged to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of International Flavors & Fragrances, Inc., you may, no later than October 11, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in International Flavors & Fragrances, Inc.
The filed complaint 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:
- 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, 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.
The company acquired Frutarom Industries, Ltd. ("Frutarom") in October 2018. 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 lowered 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.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: email@example.com, firstname.lastname@example.org or email@example.com
Tel: (800) 575-0735 or (212) 545-4774
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