SOURCE: Izard Nobel LLP

September 22, 2010 17:17 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Baxter International, Inc.

WEST HARTFORD, CT--(Marketwire - September 22, 2010) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed 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) between September 17, 2009 and May 3, 2010 (the "Class Period").

The Complaint charges that Baxter and certain of its officers and directors violated federal securities laws by making materially false statements. Specifically, defendants assured investors that Baxter's recent improvements in gross margin were sustainable and could even expand. Additionally, defendants failed to disclose 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 remediation of its COLLEAGUE infusion pump ("COLLEAGUE pump").

On April 22, 2010, Baxter lowered its revenue and earnings outlook for 2010 and attributed the lowered guidance to continuing pressures in its plasma-derivative products business, including loss of market share and the impact of healthcare reform legislation. On May 3, 2010, Baxter announced that the FDA had ordered the recall its COLLEAGUE pumps pursuant to its June 2006 consent decree. On this news, Baxter's stock fell $2.42 to close at $45.08 per share on May 4, 2010, a 27% decline from its Class Period high of $61.71.

If you are a member of the class, you may, no later than November 22, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/baxter/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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