Pomerantz is Lead Counsel in a class action lawsuit against International Flavors & Fragrances Inc. (IFF) (“IFF” or the “Company”) for potential violations of the federal securities laws.
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.