Archived Investigations
Baxter International, Inc. (NYSE: BAX)
Baxter and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Company’s Novum LVP product device suffered systemic defects that caused widespread malfunctions, including underinfusion, overinfusion, and complete non-delivery of fluids, which exposed patients to risks of serious injury or death; (ii) the Company was notified of multiple device malfunctions, injuries, and deaths from these defects; (iii) the Company’s attempts to address these defects through customer alerts were inadequate remedial measures, when design flaws persisted and continued to cause serious harm to patients; (iv) as a result, there was a heightened risk that customers would be instructed to take existing Novum LVPs out of service and that Baxter would completely pause all new sales of these pumps; and (e) based on the foregoing, the Company’s statements about the safety, efficacy, product rollout, customer feedback and sales prospects of the Novum LVPs were materially false and misleading.
The first-filed case is Electrical Workers Pension Fund, Local 103, I.B.E.W. v. Baxter International, Inc., et al., No. 25-cv-12672. A subsequent case, City Of Hallandale Beach Police Officers’ And Firefighters’ Personnel Retirement Trust v. Baxter International, Inc., et al., No. 25-cv-14712, expanded the class period.