Baxter International Hit With Investor Suit Over IV Pump Rollout

Baxter International Inc. and its executives allegedly misled shareholders about systemic safety issues with its new IV fluid pump, which eventually led the company to halt sales, causing a stock drop.

Although executives said the US launch of its Novum IQ large volume pump was going well, there were “recurring life-threatening defects in the devices that Baxter could not adequately correct” and failed to disclose to investors, a pension fund asserted in a complaint filed Thursday in the US District Court for the Northern District of Illinois.

The fund seeks to represent a class of investors who acquired Baxter stock ...