Here's Why Baxter International Fell as Much as 12.4% Today
Shares of Baxter International (NYSE: BAX) fell more than 12% today after the company announced preliminary third-quarter 2019 operating results. The business expects to report quarterly revenue of $2.85 billion and operating income of $503 million, but that relatively strong performance was overshadowed by two other developments.
First, the medical device company disclosed that an internal investigation was underway related to misstatements in foreign currency gains dating back to 2014. The audit doesn't concern product-related operations. Second, Baxter International disclosed that it has been named in a complaint by Fayette County, Georgia, alleging that an injectable opiate product previously manufactured by the company caused harm to the county.
As of 12:36 p.m. EDT, the dividend stock had settled to a 9.1% loss.
Source Fool.com
