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The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of International Flavors & Fragrances Inc. (NYSE: IFF) who purchased shares between May 7, 2018 and August 5, 2019. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
(1) Frutarom Industries Ltd. (“Frutarom”), which the Company acquired in 2018, had bribed customers in Russia and Ukraine; (2) senior management at Frutarom were aware of such improper payments; (3) as a result, Frutarom’s financial results were materially overstated; (4) as a result of the improper payments, the Company was reasonably likely to face regulatory scrutiny; (5) the Company had not completed adequate due diligence before acquiring Frutarom; (6) as a result of the foregoing, the Company was unlikely to achieve purported synergies from the acquisition; and (7) 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.
Shareholders have until October 11, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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