Baxter Dodges Investor Suit Over Forex Accounting, For Now
Law360 (January 12, 2021, 10:08 PM EST) -- An Illinois federal judge on Tuesday tossed a proposed securities class action against Baxter International, finding investors had failed to demonstrate that they were intentionally misled by the medical product maker and its executives.
U.S. District Judge Sara L. Ellis is giving investors a chance to amend their claims that Baxter touted effective controls over its foreign exchange transactions but nonetheless misreported some income related to foreign exchange gains during 2019.
Baxter admitted in October 2019 that its long-used process for converting the value of foreign transactions into their reporting currencies did not adhere to generally accepted accounting principles, but Judge...
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