Baxter International, Inc.
Bernstein Liebhard, a nationally acclaimed investor rights law firm, is investigating potential claims on behalf of shareholders of Baxter International, Inc. (“Baxter” or the “Company”) (NYSE: BAX) resulting from allegations that Baxter might have issued misleading information to the investing public.
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New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, is investigating potential claims on behalf of shareholders of Baxter International, Inc. (“Baxter” or the “Company”) (NYSE: BAX) resulting from allegations that Baxter might have issued misleading information to the investing public.
On October 24, 2019, Baxter announced that it “recently began an investigation into certain intra-Company transactions undertaken for the purpose of generating foreign exchange gains or losses,” and that according to the Company, “[t]hese transactions used a foreign exchange rate convention historically applied by the Company that was not in accordance with generally accepted accounting principles (“GAAP”) and enabled intra-Company transactions to be undertaken after the related exchange rates were already known.” The Company also admitted that these intra-Company transactions had “resulted in certain misstatements in the Company’s previously reported non-operating income related to net foreign exchange gains” and acknowledged that upon completion of its investigation, “the Company expects to either amend its periodic reports previously filed with the SEC to include restated financial statements that correct those misstatements, or include in reports for future periods restated comparative financial statements that correct those misstatements.”
Following this news, the price of Baxter common stock fell $8.87 per share, or 10.1%, from a close of $87.95 per share on October 23, 2019 to close at $79.08 per share on October 24, 2019, on elevated trading volume.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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