Baxter Hit With Stock Drop Suit Over Forex Accounting
Law360 (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...
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