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SAN FRANCISCO, Nov. 13, 2019 (GLOBE NEWSWIRE) -- Hagens Berman urges Baxter International (NYSE: BAX) investors who have suffered losses in excess of $50,000 to submit their losses now or contact the firm immediately to learn if they qualify to recover compensable damages. The firm has opened an investigation into Baxter and investors may have valuable claims against the company and its senior management for violations of federal securities laws.
Baxter International (BAX) Investigation:
The investigation centers on whether Baxter attempted to boost non-operating income by miscalculating its foreign-currency sales.
On October 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 has notified the SEC of the accounting error, and that it will not be able to timely file its third quarter 2019 quarterly report.
This news drove the price of Baxter shares sharply lower during intraday trading.
“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 510-725-3000 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, 510-725-3000