March 30, 2021 - The court granted the defendants' motion to dismiss.

June 26, 2020 - A motion to dismiss the amended complaint was filed.

March 16, 2020 - An amended complaint was filed.

August 12, 2019 - An investor in shares of International Flavors & Fragrances Inc. (NYSE: IFF) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by International Flavors & Fragrances Inc. in connection with certain allegedly false and misleading statements made between May 7, 2018 and August 5, 2019.

New York based International Flavors & Fragrances Inc., together with its subsidiaries, manufactures flavors and fragrances for use in various consumer products. International Flavors & Fragrances Inc. reported that its annual Total Revenue rose from $3.39 billion in 2017 to $3.97 billion in 2018 and that its Net Income increased from $295.66 million in 2017 to $337.3 million in 2018. Th International Flavors & Fragrances Inc acquired Frutarom Industries Ltd. (“Frutarom”) in October 2018 for $7.1 billion.

On August 5, 2019, International Flavors & Fragrances Inc announced it is investigating improper payments made by Israeli ingredient and flavor subsidiary Frutarom, which the company acquired in a $7.1 billion deal in May 2018. During the integration of Frutarom, International Flavors & Fragrances Inc said, it was made aware of allegations that two Frutarom businesses operating principally in Russia and Ukraine made improper payments to representatives of a number of customers. Additionally, on August 5, 2019, International Flavors & Fragrances Inc reported second-quarter financial results and reduced its outlook for the full year. Shares of International Flavors & Fragrances Inc. (NYSE: IFF) declined from $152.95 per share in June 2019 to as low as $121.04 per share on Augus t8, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of International Flavors & Fragrances Inc. (NYSE: IFF) common shares between May 7, 2018 and August 5, 2010, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between May 7, 2018 and August 5, 2019, the 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 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.