Bayer Investor Sues Top Officials for ‘Disastrous’ Monsanto Deal [Yahoo! Finance News]
BAYER AG S/ADR (BAYRY)
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Source: Yahoo! Finance News
) -- A Bayer AG investor sued the board and other top company officials, claiming the “disastrous” 2018 acquisition of Monsanto Co. eroded the company’s share value by saddling it with potentially billions of dollars in liability from Roundup lawsuits. Bayer AG’s board and other top officials were sued by an investor who claims the “disastrous” 2018 acquisition of Monsanto Co. saddled the company with potentially billions of dollars in costly lawsuits over Roundup herbicide. The German chemical giant “has been engulfed by a tsunami” of litigation alleging Monsanto’s Roundup causes cancer, eroding Bayer’s share value, Rebecca Haussmann said in a suit filed Friday in New York state court in Manhattan. She demanded compensation and punitive damages, as well as disgorgement of pay for executives who helped arrange the deal. Bayer last month estimated it faces about 48,600 U.S. plaintiffs in Roundup cases, up from 18,400 in July. While the company insists the herbicide is safe, it has lost
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