NEW YORK, Sept. 09, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Baxter International Inc. (“Baxter” or the “Company”) (NYSE: BAX). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Baxter and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On July 28, 2022, Baxter issued a press release in which the Company lowered its earning guidance to a range of $1.82 to $1.92 per diluted share. Explaining the lower guidance, Baxter cited “ongoing supply chain challenges causing increased inflationary pressures as well as difficulty in accessing critical components along with the impact of increased prices of diesel fuel impacting freight expenses.”
On this news, Baxter’s stock price fell $7.30 per share, or 10.93%, to close at $59.50 per share on July 28, 2022.
Then, on October 27, 2022, Baxter issued a press release in which the Company again lowered its earnings guidance to a “loss of $4.52 to $4.45 per diluted share”, again citing global supply chain constraints.
On this news, Baxter’s stock price fell $3.66 per share, or 6.35%, to close at $53.97 per share on October 27, 2022.
On January 6, 2023, Baxter disclosed that it was spinning off its Renal Care and Acute Therapies global business units and simplifying its operating model and manufacturing footprint to improve operational efficiencies.
On this news, Baxter’s stock price fell $4.12 per share, or 7.84%, to close at $48.45 per share on January 6, 2023.
Finally, on February 9, 2023, Baxter reported its fourth quarter and full year 2022 financial results. The Company’s press release stated that “[o]ngoing macroeconomic challenges and supply chain headwinds continue to weigh on business performance” and stated that the Company’s full-year U.S. GAAP diluted earnings resulted in a loss of $4.83 per share.
On this news, Baxter’s stock price fell $5.54 per share, or 12.13%, to close at $40.14 per share on February 9, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
