Shares in Bayer fell as much as 5 percent on Tuesday after a jury awarded more t...
Frankfurt - Shares in Bayer fell as much as 5 percent on Tuesday after a jury awarded more than $2 billion to a California couple in the largest U.S. jury verdict against the company over allegations its Roundup weed killer causes cancer.
The jury set the total punitive damages at $2 billion and added $55 million in compensatory pay, concluding that Roundup - based on herbicide glyphosate - had been defectively designed, and that the company failed to warn of the herbicide’s alleged cancer risk.Bayer said in a statement on Monday that it was disappointed with the verdict and would appeal. A spokesman called the jury’s decision “excessive and unjustifiable”.
“However, the level of compensatory damages is still likely to be somewhat of a concern to the market given the level is above the Hardeman case,” they added, referring to $5 million in compensatory damages awarded to a plaintiff in a previous case. The group’s market value has fallen below what Bayer paid for Monsanto after shedding about 40 billion euros since the first jury verdict last August.
Bayer, which was chided by investors for the stock rout at the annual general meeting this month, has said that the litigation had had no effect on strong demand from U.S. lawn and garden owners for its glyphosate-based herbicides, adding that demand from U.S. farmers continued to be driven by the weather.
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