On June 18, 2026, Labaton Keller Sucharow was appointed Co-Lead Counsel in a securities class action against Baxter International, Inc. (Baxter) and certain of its executives (collectively, Defendants).

Baxter develops and sells medical products used in hospitals and other healthcare facilities.  Since 2020, Baxter’s growth prospects have been tied to the North American launch of its flagship device called the Novum IQ Large Volume Pump (Novum LVP), which administers medications into patients.  The action alleges that Defendants misled investors by portraying the Novum LVP as having the “most advanced safety features” and displaying “outstanding” product performance during the North American launch.  Defendants are also accused of misleading investors by repeatedly stating that the launch was going “extremely well” with “great customer response” and would be a key part of Baxter’s growth for years to come.  At the same time, Defendants failed to disclose the likely risk that Baxter would pause all new Novum LVP sales due to systemic design issues that put patients at risk of severe injury and death.  In July 2025, Baxter surprised the market by announcing that it was indefinitely halting all Novum LVP sales to address safety issues tied to multiple injuries and deaths.  On this news, Baxter stock dropped more than 22%, resulting in an estimated $1.5 billion in damage to investors.

The case is Electrical Workers Pension Fund Local 103 v. Baxter International, Inc., No. 1:25-cv-12672 (N.D. Ill.).  Labaton Keller Sucharow represents Co-Lead Plaintiffs Nebraska Investment Council and National Elevator Industry Pension Plan.