LOS ANGELES–(BUSINESS WIRE)–$BAX—Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired Baxter International, Inc. (“Baxter” or the “Company”) (NYSE: BAX) common stock between February 21, 2019 and October 23, 2019, inclusive (the “Class Period”). Baxter investors have until January 24, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected], or visit our website at www.glancylaw.com.
On October 24, 2019, the Company disclosed certain misstatements in Baxter’s non-operating income for fiscal years 2014 through 2018 related to net foreign exchange gains. Baxter also disclosed that it began an investigation regarding “certain intra-company transactions undertaken for the purpose of generating foreign exchange gains or losses,” which had used a foreign exchange rate convention that was “not in accordance with generally accepted accounting principles and enabled intra-company transactions to be undertaken after the related exchange rates were already known.”
On this news, the Company’s share price fell $8.87, or roughly 10%, to close at $79.08 per share on October 24, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that 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; (2) that the Company lacked effective internal control over financial reporting; (3) that as a result, the Company’s financial statements were misstated and would likely require correction or amendment; (4) that 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; and (5) that as a result of the foregoing, defendants’ statements about the Company’s business and operations lacked a reasonable basis.
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If you purchased Baxter common stock during the Class Period, you may move the Court no later than January 24, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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