Kessler topaz meltzer & check, llp files shareholder class action lawsuit against baxter international inc
The law firm of kessler topaz meltzer & check, llp announced that the firm has filed a securities fraud class action lawsuit against baxter international inc. on behalf investors who purchased or otherwise acquired baxter common stock between february 21, 2019 and october 23, 2019, inclusive (the "class period"). the complaint alleges that, throughout the class period, defendants misrepresented and/or failed to disclose 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) baxter lacked effective internal control over financial reporting; (3) as a result, baxter's financial statements were misstated and would likely require correction or amendment; (4) due to baxter's internal investigation, it would not be able to file its quarterly report for the period ending september 30, 2019, with the sec on a form 10-q in a timely manner; and (5) as a result of the foregoing, defendants' statements about baxter's business and operations lacked a reasonable basis.
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