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Bayer shares slump after court order to pay $2.25 bn in damages
The shares of German pharmaceutical and agricultural company Bayer have plummeted after the court ordered it to pay $2.25 billion in damages, the highest amount yet in its ongoing lawsuit over an alleged carcinogenic effect of its Roundup weedkiller.
San Francisco : The shares of German pharmaceutical and agricultural company Bayer have plummeted after the court ordered it to pay $2.25 billion in damages, the highest amount yet in its ongoing lawsuit over an alleged carcinogenic effect of its Roundup weedkiller.
On Monday, Bayer shares fell 4.77 per cent to EUR30.78, bringing the stock's three-month decline to more than 24 per cent, reports the Wall Street Journal.
The company said that a jury in a Philadelphia court last week sided with the plaintiff and ordered it to pay $250 million in compensatory damages and $2 billion in punitive damages. The company said it plans to appeal the decision, the report mentioned.
"We disagree with the jury's adverse verdict that conflicts with the overwhelming weight of scientific evidence and worldwide regulatory and scientific assessments, and believe that we have strong arguments on appeal to get this verdict overturned," a spokesman for Bayer was quoted as saying.
The company claimed to have a solid track record in roundup litigation, having won 10 of the last 16 cases at trial.
