NEW YORK, July 16, 2020 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Bayer Aktiengesellschaft (“Bayer” or the “Company”) (OTC:BAYRY, BAYZF) of the September 14, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Bayer stock or options between May 23, 2016 and March 19, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/BAYRY. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Bayer ADRs between May 23, 2016 and March 19, 2019 (the “Class Period”). The case, City of Grand Rapids General Retirement System et al v. Bayer Aktiengesellschaft et al., No. 3:20-cv-04737 was filed on July 15, 2020.
The lawsuit alleges that Defendants made false and misleading statements to investors, describing the Company’s acquisition of Monsanto Company (“Monsanto”) as "a compelling transaction for shareholders" that would create "significant value" by generating "stronger growth, better profitability, and a more resilient business profile" and would “translate into attractive financial benefits for Bayer and its shareholders." Defendants specifically downplayed the liability risks related to Monsanto's Roundup product, emphasizing that the Company conducted a "thorough analysis" during due diligence and "undertook appropriate due diligence of litigation and regulatory issues throughout the process" which led Bayer to finalize the acquisition. As a result of Defendants' misrepresentations, Bayer ADRs traded at artificially inflated prices during the Class Period.
On August 10, 2018, a jury in Johnson v. Monsanto Co., No. CGC-16-550128 (the “Johnson Case”), a lawsuit related to the cancer risks of Monsanto product Roundup, found unanimously that the glyphosate-based weed killer was a “substantial factor” in causing the plaintiff to develop non-Hodgkin’s lymphoma and that Monsanto knew, or should have known, the risks associated with exposure to the chemical and failed to warn of this severe health hazard. The jury also found that Monsanto acted with “malice or oppression” and should be punished for its conduct. Accordingly, the jury ordered Monsanto to pay $39 million in compensatory damages and $250 million in punitive damages.
On this news, the Company's ADR price fell from $26.59 per share on August 10, 2018 to $23.59 per share on August 13, 2018: a $2.00 or 11.28% drop.
Then, on October 22, 2018, although the court in the Johnson Case reduced the award of punitive damages from $250 million to $39 million to match the compensatory damages awarded to the plaintiff, the court otherwise denied Monsanto’s motion for judgment notwithstanding the verdict and Monsanto’s motion for a new trial, and upheld the jury’s verdict, ruling that “there is no legal basis to disturb the jury’s determination that plaintiff’s exposure to [glyphosate-based herbicides] was a substantial factor in causing his [non-Hodgkin’s lymphoma].”
On this news, the price of the Company's ADRs fell from $22.00 per share on October 22, 2018 to $20.10 per share on October 23, 2018: a $1.90 or $8.64% drop.
Finally, on March 19, 2019, a jury in the lawsuit Hardeman v. Monsanto Co., No. 3:16-cv-525—the first federal Roundup cancer lawsuit to proceed to trial—issued a verdict on causation in phase one of the bifurcated trial, finding that plaintiff’s “exposure to Roundup was a substantial factor in causing his non-Hodgkin’s lymphoma.”
On this news, the price of the Company's ADRs fell from $19.67 per share on March 19, 2019 to $17.85 per share on March 20, 2019: a $1.82 or 9.25% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Bayer’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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