Legal Opinion
Higginbotham v. Baxter International Inc.
Court of Appeals for the Seventh Circuit
Decided July 27, 2007No. 06-1312PublishedCited by 178 opinions
1Opinion of the Court
EASTERBROOK, Chief Judge.
On July 22, 2004, Baxter International announced that it would restate the preceding three years’ earnings in order to correct errors created by fraud at its subsidiary in Brazil. Managers there had conveyed the illusion of growth by reporting sales as having been made earlier than their actual dates; when it was no longer possible to accelerate revenue this way, the managers reported fictitious sales. Brazilian managers also failed to create appropriate reserves for bad debts. On the day the problem was announced, Bax ter’s common stock fell $1.48 per share, or 4.6%…
2Cases cited18 opinions
- Illinois v. GatesSupreme Court of the United States · 1983
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- In Re Burlington Coat Factory Securities Litigation. P. Gregory Buchanan, Jacob Turner and Ronald AbramoffCourt of Appeals for the Third Circuit · 1997
- Ernst & Ernst v. HochfelderSupreme Court of the United States · 1976
- Basic Inc. v. LevinsonSupreme Court of the United States · 1988
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3Cited by178 opinions
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- Institutional Investors Group v. Avaya, Inc.Court of Appeals for the Third Circuit · 2009
- Winer Family Trust v. QueenCourt of Appeals for the Third Circuit · 2007
- Makor Issues & Rights, Ltd. v. Tellabs Inc.Court of Appeals for the Seventh Circuit · 2008
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