NEW YORK, Aug. 24, 2019 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of International Flavors & Fragrances Inc. ("International Flavors" or the "Company") (NYSE: IFF). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether International Flavors and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP