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Citing Tellabs, Circuit Court Hands Baxter Victory

Law360 (July 31, 2007, 12:00 AM EDT) -- On Friday, Baxter International Inc. once again fended off a putative securities class action related to the healthcare giant's revisions of its earnings statements in 2004.

A three-judge panel of the U.S. Court of Appeals for the Seventh Circuit cited the U.S. Supreme Court's recent Tellabs decision in unanimously affirming a district court's dismissal with prejudice of the plaintiffs' claims.

A proposed class of Baxter investors accused Baxter and three former officers of violating securities laws by taking advantage of confusion over the company's earnings following...
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