The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Baxter International Inc. (NYSE: BAX) who purchased shares between February 21, 2019 and October 23, 2019. The action, which was filed in the United States District Court for the Northern District of Illinois, alleges that the Company violated federal securities laws.
In particular, the Baxter lawsuit alleges that (1) 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) the Company lacked effective internal control over financial reporting; (3) as a result, the Company’s financial statements were misstated and would likely require correction or amendment; (4) 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) as a result of the foregoing, Defendants’ statements about the Company’s business and operations lacked a reasonable basis.
Shareholders have until January 24, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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