Menora Mivtachim Insurance Ltd. v. Frutarom Industries Ltd.

54 F.4th 82 (2022)

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Menora Mivtachim Insurance Ltd. v. Frutarom Industries Ltd.

United States Court of Appeals for the Second Circuit
54 F.4th 82 (2022)

Facts

International Flavors & Fragrances Inc. (IFF) (defendant) acquired Israeli fragrance company Frutarom Industries Ltd. (Frutarom) (defendant) through merger. Around the same time, a putative class of investors in IFF securities (plaintiffs) initiated a lawsuit against IFF and Frutarom, alleging an elaborate, international bribery scheme by Frutarom. The investors alleged that Frutarom made material misstatements about the company’s compliance with antibribery laws in violation of § 10(b) of the Securities Exchange Act of 1934. IFF and Frutarom moved to dismiss. The district court granted this motion on the ground that the investors lacked standing under § 10(b). The investors appealed to the United States Court of Appeals for the Second Circuit.

Rule of Law

Issue

Holding and Reasoning (Park, J.)

Concurrence (Pérez, J.)

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