Baxter Hit With Stock Drop Suit Over Forex Accounting
By Mike LaSusa (November 25, 2019, 10:50 PM EST) -- A proposed class of investors sued medical product maker Baxter International on Monday in Illinois federal court, blaming the company for a stock-price drop that followed the announcement of an internal investigation into its foreign exchange accounting.
Investor Ethan Silverman sued Baxter over a share price drop of 10.1% that happened last month after the Illinois-based company announced it had hired outside counsel to help conduct an investigation into what it called "misstatements" in its reporting of certain income related to foreign exchange gains.
Silverman is suing under the Exchange Act on behalf of himself and anyone else who bought Baxter...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!