Bayer’s logo and flag were photographed outside the German pharmaceutical and chemicals manufacturer’s factory in Wuppertal, Germany.
Wolfgang Ratte | Reuters
German Life Sciences Company Stocks bayer The company’s shares fell nearly 7% on Wednesday after a U.S. court said it would review a case alleging personal injury from exposure to products from the company’s Monsanto subsidiary.
The Washington Supreme Court this week accepted review of a lawsuit against the German company over the effects of polychlorinated biphenyls (PCBs) exposure at Sky Valley Educational Center in Washington state, one of many related cases Bayer is handling. This comes after an appeals court in May overturned a $185 million award at trial after finding flaws in the case. According to Reuters.
Bayer’s shares fell 6.76% as of 12:45 pm London time, with the stock on track for its worst performance since March and extending its 13% decline so far this year. Last year, the company’s stock price fell more than 30% as the lawsuit against Monsanto continued. high net debt.
The company said in a statement Wednesday that there was “no basis for a different outcome on appeal” and that it believed the Washington appeals court’s ruling found three errors in the case, including the plaintiff’s lack of testimony about PCB exposure. .
Bayer argued that the claims involved industrial materials that Monsanto voluntarily ceased production in 1977.
Bayer acquired U.S. agricultural chemicals maker Monsanto in 2018.
The deal resulted in the company fighting numerous legal challenges in various U.S. courts. Purported to have negative health effects, including cancer, Exposure to Monsanto products including Roundup herbicide.
Reuters reports that approx. 125,000 fees Lawsuits have been filed in the U.S. over the product, and more than half of them have been settled Settlement amounts reached $10.9 billion in 2020.
In September, the company gain legal victory The 3rd U.S. Circuit Court of Appeals in Philadelphia ruled in Monsanto’s favor that the company violated state law by failing to add a cancer warning on its Roundup label.
Bayer share price.
