Emoticon next to the logo of the German pharmaceutical and chemical giant Bayer (E) in Wuppertal, western Germany, on April 23, 2019 – AFP/Archives
The German court opened the way for a lawsuit by shareholders against Bayer, which they criticize for not having informed them about the risks of glyphosate during the acquisition of Monsanto in 2018, explained this Wednesday (15) the law firm Tilp .
The Cologne civil court ruled on Tuesday “to publish a petition to open class action” to determine whether Bayer “disguised from the capital market significant risks linked to the acquisition of the American group Monsanto,” it said in a statement.
This step is essential for the beginning of a “model process” that allows for the regrouping of all issues in a single judgment.
Tilp law firm, which represents “a large number of these shareholders,” criticized Bayer for not informing them of the risks associated with the 2018 purchase of Monsanto.
Since then, Bayer has faced a barrage of lawsuits in the United States from former users of glyphosate, an herbicide marketed by Monsanto.
In 2015, a WHO department qualified it as a “probably carcinogenic” substance, which its seller denies.
These allegations caused Bayer’s share to lose about half its value on the Frankfurt stock exchange, an “immense loss” for shareholders, according to Tilp.
The office predicts that “more than a billion euros (about 1.1 billion US dollars) in damages” could be claimed from the German company.
“We consider these accusations to be unfounded. Bayer respected the law”, the company reacted in a statement sent to the AFP.
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source https://pledgetimes.com/german-court-opens-the-way-for-shareholder-action-against-bayer-for-glyphosate-istoe-money/
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