U.S. Markets close in 6 hrs 11 mins

Bayer Stock Banged Up by Roundup Weedkiller Verdict

Karl Utermohlen

Wednesday was not kind to Bayer (OTCMKTS:BAYRY) stock as a jury found the company’s Roundup weedkiller responsible for causing cancer.

Bayer Stock

Source: Bayer

A second U.S. jury — a unanimous one in San Francisco federal court — ruled on Tuesday was not related to the German company’s liability for the cancer of Edwin Hardeman, the plaintiff. The liability and damages in the case will be decided by the same jury as part of a second trial phase set to begin on Wednesday.

Bayer still denies that glyphosate or Roundup are at fault for causing cancer, adding that the business was disappointed with the jury making the decision it made. The business acquired Monsanto for $63 billion last year–the latter company has been making Roundup for a while now.

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

“We are confident the evidence in phase two will show that Monsanto’s conduct has been appropriate and the company should not be liable for Mr. Hardeman’s cancer,” the company said. This is only the second of more than 11,000 Roundup lawsuits in the U.S., with the first one leading to a $78 million payout that is currently on appeal.

Glyphosate is the most widely used weed killer in the world, with Roundup being the first such weed killer in the market. However, the product is no longer protected by a patent, so there are plenty of other iterations of the product available to the public. It is unclear how many sales of Roundup Bayer had in its most recent quarterly report.

More From InvestorPlace

Compare Brokers

The post Bayer Stock Banged Up by Roundup Weedkiller Verdict appeared first on InvestorPlace.