Investors sue Bayer over drop in shares over Roundup litigation

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In this news, we discuss the Investors sue Bayer over drop in shares over Roundup litigation

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FRANKFURT (Reuters) – Two law firms are suing Bayer for damages on behalf of shareholders, saying the management of the German group should have warned of the risk of legal action over the weedkiller Roundup when Bayer acquired Roundup maker Monsanto .

The Weekly Wirtschaftswoche reported on Friday that two law firms, Hausfeld and Tilp, are filing civil lawsuits in a court in Cologne, Germany on behalf of investors who have been affected by the drop in the share price as a result of the Roundup litigation and subsequent settlement. .

Bayer admitted in a statement that it was being prosecuted and said it would defend itself against what it called unfounded allegations.

“Bayer has performed an appropriate due diligence regarding the acquisition process. This has also been confirmed by studies by independent experts, ”a Bayer spokesperson said in a statement.

The German drug and pesticide maker agreed to acquire seed company Monsanto in 2016 and its shares fell in 2018 when it lost lawsuits in the United States to plaintiffs who alleged the use of Roundup had caused their cancer.

An $ 11 billion settlement of those cases in June last year turned out to be $ 750 million more amid a struggle to finalize the deal.

Shares have fallen about 45% since Bayer lost the first Roundup court case in August 2018.

Wirtschaftswoche has said court hearings in Germany are not expected to start until the end of 2021.

Reporting by Ludwig Burger, editing by Louise Heavens

Original © Thomson Reuters

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