Baxter International Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of those who acquired Baxter International Inc. (“Baxter” or the “Company”) (NYSE: BAX) securities during the period from February 21, 2019 through October 23, 2019 (the “Class Period”). Investors have until January 24, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Baxter failed to disclose that: (i) certain intra-Company transactions, undertaken for the purpose of generating foreign exchange gains and losses, used foreign exchange rate conventions that were not in accordance with GAAP and enabled intra-Company transactions to be undertaken after the related exchange rates were already known; (ii) the Company lacked effective internal control over financial reporting; (iii) as a result, the Company’s financial statements were misstated and would likely require correction or amendment; and (iv) due to the Company’s internal investigation, Baxter would not be able to file its quarterly report for the period ending September 30, 2019, with the
SEC on Form 10-Q in a timely manner.
On October 24, 2019, Baxter announced that it had begun an investigation into certain intra-Company foreign exchange transactions that were not in accordance with GAAP and had “resulted in certain misstatements in the Company’s previously reported non-operating income related to net foreign exchange gains.” Furthermore, the Company announced that it did not expect to file its quarterly report on Form 10-Q for the period ended September 30, 2019 on a timely basis. On this news, the price of Baxter shares fell $8.87, or 10.1%, to close at $79.08 per share on October 24, 2019.
If you acquired Baxter securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.