NEW YORK–(BUSINESS WIRE)–Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Baxter International Inc. (NYSE: BAX), resulting from allegations that Baxter may have issued materially misleading business information to the investing public.
On October 24, 2019, Baxter announced it had opened an internal investigation into certain intra-Company transactions aimed at foreign exchange gains and losses. These transactions used a foreign exchange rate convention that was not in accordance with GAAP and enabled the transactions to be undertaken after the related exchange rates were already known. These transactions resulted in misstatements in the Company’s previously reported non-operating income related to net foreign exchange gains, reported in amounts from between $8 million and $113 million for the years 2014-2018, and the first half of 2019. The Company will not timely file its 10-Q for the third quarter of 2019, and it expects to restate its previously reported financial statements.
On this news, Baxter’s stock price fell sharply during intraday trading on October 24, 2019.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Baxter investors. If you purchased shares of Baxter please visit the firm’s website at http://www.rosenlegal.com/cases-register-1702.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
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