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id: 777, Created by Stan Vick, Scout
Baxter International (BAX) Financial Misrepresentation Case
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- Baxter revealed that it had not achieved control over its supply chain problems and that its earnings guidance had been unreliable.
- $BAX fell over 12% and lost $2.8B of its market cap.
- Investors suspect Baxter of misleading and hiding supply chain issues and their impact on earnings, misrepresenting the company's financial health.
On February 9, 2023, after making numerous statements assuring investors that it could operate successfully despite global challenges to its supply chain, Baxter (BAX) revealed that it had not achieved control over its supply chain problems and that its earnings guidance had been unreliable for some time—Defendants knew the supply chain issues were going to continue to be an insurmountable problem but strung the investing public along to prop up the Company’s share price.
On this news, $BAX fell over 12% and lost $2.8B of its market capitalization, seriously damaging investors.
Taking all the facts into account, Investors have reasons to suspect that Baxter misled investors by hiding supply chain issues and their impact on earnings, misrepresenting the company's financial health.
Failure to Disclose,
Shock Event Date
09 February 2023
12 July 2023
Lead Plaintiff Deadline
11 September 2023
Hon. Robert W. Gettleman