SOURCE: Brower Piven, A Professional Corporation

September 24, 2010 12:06 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $2,000,000 From Investment in Baxter International, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the November 22, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - September 24, 2010) -  Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of the common stock of Baxter International, Inc. ("Baxter" or the "Company") (NYSE: BAX) during the period between September 17, 2009 and May 3, 2010, inclusive (the "Class Period").

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that Baxter was not complying with the terms of a June 2006 consent decree it had entered into with the U.S. Food and Drug Administration ("FDA") regarding the Company's COLLEAGUE infusion pump ("COLLEAGUE pump").

According to the complaint, after, on April 22, 2010, the Company reported its first quarter 2010 financial results, lowering its revenue and earnings outlook for 2010, and 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; after, on May 3, 2010, Baxter announced that the FDA had ordered the Company to recall its COLLEAGUE pumps pursuant to its June 2006 consent decree; and after the FDA issued its own release concerning Baxter's recall, indicating the action was necessary due to the Company's "longstanding failure to correct many serious problems with the pumps," the value of Baxter's stock declined substantially.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 22, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

If you have suffered a net loss for all transactions in Baxter International, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact