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Lawsuit Overview
Settlement Overview
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January 22, 2016 - The court approved the settlement.
September 18, 2015 - The court preliminarily approved the settlement.
September 16, 2015 - A stipulation of settlement was filed by the parties.
January 23, 2012 - The court granted in part and denied in part the defendants' motion to dismiss.
May 27, 2011 - A motion to dismiss the amended consolidated complaint was filed.
April 15, 2011 - An amended consolidated complaint was filed.
January 28, 2011 - A consolidated complaint was filed.
September 21, 2010 - An investor in shares of Baxter International Inc (NYSE: BAX) filed a lawsuit in the U.S. District Court for the Northern District of Illinois against Baxter International Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between September 17, 2009 and May 3, 2010.
According to the complaint the plaintiff alleges that Baxter International Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between September 17, 2009 and May 3, 2010 materially false and misleading statements regarding its plasma-derivative products business. Baxter International Inc’s revenue increased over the past four years from $10.378 billion in 2006 to $12.562 billion in 2009. Its Net Income increased from $1.397 billion in 2006 to $2.205 billion in 2009.
Then on April 22, 2010, Baxter International Inc reported its first quarter 2010 financial results, lowering its revenue and earnings outlook for 2010. Baxter International Inc disclosed that the lowered guidance was due to continuing pressures in its critical plasma-derivative products business, including loss of market share and the impact of healthcare reform legislation. On this news, so the lawsuit, Baxter International Inc’s stock (NYSE: BAX) declined $7.82 per share to close at $51.13 per share on April 22, 2010, a one-day decline of over 13%.
On May 3, 2010, Baxter International Inc announced that the U.S. Food and Drug Administration (“FDA”) had ordered Baxter International Inc to recall its COLLEAGUE infusion pumps pursuant to its June 2006 consent decree. In response, so the lawsuit, the FDA issued its own release concerning Baxter International Inc’s recall, indicating the action was necessary due to Baxter International Inc’s “longstanding failure to correct many serious problems with the pumps.” On this news, Baxter International Inc’s (NYSE: BAX) stock again declined $2.42 per share to close at $45.08 per share on May 4, 2010, a one-day decline of over 5%. Shares of Baxter International Inc. (NYSE: BAX) traded recently at $47.70 per share, down from its 52 week high of $61.88 per share.
Baxter International Inc, located in Deerfield, Illinois, through its subsidiaries, develops, manufactures and markets products that save and sustain the lives of people with hemophilia, immune disorders, infectious diseases, kidney disease, trauma, and other chronic and acute medical conditions.