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MarketScreener Homepage  >  Equities  >  Nyse  >  Baxter International Inc.    BAX

BAXTER INTERNATIONAL INC.

(BAX)
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The Law Offices of Frank R. Cruz : Announces the Filing of a Securities Class Action on Behalf of Baxter International, Inc. Investors (BAX)

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01/16/2020 | 12:02pm EST

The Law Offices of Frank R. Cruz 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.

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.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Baxter securities 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 purchased Baxter securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


© Business Wire 2020
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Financials (USD)
Sales 2019 11 321 M
EBIT 2019 2 081 M
Net income 2019 1 677 M
Debt 2019 1 566 M
Yield 2019 0,90%
P/E ratio 2019 28,6x
P/E ratio 2020 25,6x
EV / Sales2019 4,22x
EV / Sales2020 4,03x
Capitalization 46 231 M
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Technical analysis trends BAXTER INTERNATIONAL INC.
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 92,44  $
Last Close Price 90,55  $
Spread / Highest target 20,4%
Spread / Average Target 2,08%
Spread / Lowest Target -19,4%
EPS Revisions
Managers
NameTitle
José E. Almeida Chairman, President & Chief Executive Officer
Scott Pleau Senior Vice President-Operations
James K. Saccaro Chief Financial Officer & Executive Vice President
Paul E. Martin Chief Information Officer & Vice President
Sumant Ramachandra Senior VP, Chief Science & Technology Officer
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