SAN FRANCISCO, Dec. 27, 2019 (GLOBE NEWSWIRE) -- Hagens Berman urges Baxter International (NYSE: BAX) investors who have suffered losses in excess of $100,000 to submit their losses now to learn if they qualify to recover compensable damages. The January 24, 2020 lead plaintiff deadline in a securities fraud class action that has been filed against the company and senior executives is fast approaching.
Baxter International (BAX) Securities Class Action:
The complaint alleges that Defendants misled investors by engaging in fraudulent accounting.
According to the complaint, Baxter engaged in intra-company transactions to generate foreign exchange gains and losses, used foreign exchange rate conventions that violated generally accepted accounting principles (“GAAP”), and enabled intra-company transactions to be undertaken after the related exchange rates were already known.
Baxter investors began to learn the truth when, on Oct. 24, 2019, Baxter disclosed an Audit Committee investigation into the Company’s accounting for certain foreign-currency sales, which violated GAAP and resulted in Baxter misreporting nearly $300 million in net foreign-exchange gains over the past five years. Baxter said it would not be able to timely file its third quarter 2019 quarterly report.
This news drove the price of Baxter shares sharply lower that day.
More recently, on Nov. 22, 2019, Baxter disclosed that it had received a notice of noncompliance from the NYSE, threatening to potentially delist the Company should it fail to file its quarterly report and any subsequently delayed filings by May 20, 2020.
If you invested in Baxter between Feb. 21, 2019 and Oct. 23, 2019 (the “Class Period”) and suffered significant losses, you may qualify to be a lead plaintiff – one who selects and oversees the attorneys prosecuting the case. Contact Hagens Berman immediately for more information about the case and being a lead plaintiff.
“We’re focused on investors’ losses and whether Baxter sought to manufacture profits through shady foreign-currency sales accounting,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Baxter and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Baxter International should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email BAX@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895