The Law Offices of Frank R. Cruz reminds investors of the upcoming September 11, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Baxter International Inc. (“Baxter” or the “Company”) (NYSE: BAX) securities between May 25, 2022 and February 8, 2023, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On February 9, 2023, before the market opened, Baxter released its fourth quarter and full year 2022 financial results, revealing that the Company did not meet its earning guidance for the year. The Company claimed that “supply chain headwinds continue to weigh on business performance.”
On this news, Baxter’s stock price fell $4.67, or 10.2%, to close at $41.01 per share on February 9, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company concealed the true extent of the supply chain problems it was experiencing while simultaneously exaggerating its ability to maintain a healthy supply chain in the face of global pressures; (2) as a result, the Company’s projected earnings were materially misleading during the Class Period; (3) the foregoing, once revealed, was reasonably likely to have a material negative impact on the Company’s financial condition; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Baxter securities during the Class Period, you may move the Court no later than September 11, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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