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Home / Insurance / Investors sue Bayer for stock decline following Roundup disputes

Investors sue Bayer for stock decline following Roundup disputes



(Reuters) – Two law firms sue Bayer AG for damages on behalf of shareholders, claiming that the German group's management should have warned of the risk of lawsuits against Roundup Herbicide when Bayer acquired Roundup manufacturer Monsanto.

Weekly Wirtschaftswoche reported on Friday that two law firms, Hausfeld and Tilp, are bringing civil charges in a court in Cologne, Germany, on behalf of investors affected by the fall in the share price as a result of Roundup disputes and subsequent settlements. [19659002] Bayer acknowledged in a statement that it was right and said that it would defend itself against what it described as unfounded allegations.

"Bayer exercised due diligence regarding the acquisition process. This has also been confirmed by studies by independent experts," a Bayer spokesman said in a statement.

The German pharmaceutical and pesticide manufacturer agreed to acquire seed manufacturer Monsanto in 201

6 and its shares plummeted in 2018 when it filed lawsuits in the United States against plaintiffs who claimed that the use of Roundup caused their cancer.

A $ 11 billion deal on these cases in June last year has proved to be $ 750 million more expensive in a fight to complete

Shares fall by about 45% since Bayer lost the first Roundup lawsuit in August 2018

Wirtschaftswoche stated that the court proceedings in Germany were not expected to begin before the end of 2021.

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