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.
On February 9, 2023, pre-market, the Company announced its Fourth-Quarter and Full-Year 2002 earnings results, disclosing that, despite its prior assurances, the problems with its supply chain and the resulting effect on its operations was not under control, that it did not meet its earnings guidance for the year, and that earnings guidance going forward would have to be lowered for the first quarter of 2023.
On this news, shares of Baxter fell from $45.68 per share to $41.01 per share, on unusually heavy trading volume.
The case is Kelley v. Baxter International, Inc., et al., No. 23-cv-04497.