The company requires additional time to complete the restatement of its previously issued financial statements, according to the Form 12b-25. The company expects to file the Form 10-K as soon as reasonably practicable, but no later than March 31, 2020, when it also intends to file its Form 10-Q for the quarterly period ended Sept. 30, 2019.
In October 2019, Baxter reported that it began an internal probe into its foreign exchange trading practices, resulting in the delayed filing of its third-quarter results. The investigation concluded last month and uncovered that Baxter’s income for the past four years may have been overstated by $276 million.
When the Form 10-K is filed, Baxter intends to restate its audited financial statements as of Dec. 31, 2018, and for the years ended Dec. 31, 2017, and 2018. It also plans to restate its unaudited interim financial information as of and for the quarterly periods between March 31, 2018 and June 30, 2019, as well as other time frames dating as far back as 2015.