Bayer: shares plunge after Roundup verdict
(CercleFinance.com) - Bayer shares plunged over 12% on Wednesday, wiping out about 9 billion euros of market cap, after a Californian jury found that a man developed cancer from exposure to the German drugs and chemicals group's Roundup weedkiller.
The jury of the Northern District of California decided that Roundup was "a substantial factor" in the development of Edwin Hardeman's cancer.
While expressing "great sympathy" for Hardeman and his family, Bayer said an extensive body of science supports the conclusion that Roundup was not the cause of his cancer.
The German company said that the largest and most recent epidemiologic study that followed over 50,000 pesticide applicators for more than 20 years found no association between glyphosate-based herbicides and cancer.
The jury reached a decision in this first phase of the trial, but still must decide the question of liability in phase two, before a final verdict is reached in this case.
For the record, last year Bayer was already ordered to pay 78 million dollars in damages to Dewayne Johnson.
Roundup is currently subject to over 11,000 complaints in the United States alone.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The jury of the Northern District of California decided that Roundup was "a substantial factor" in the development of Edwin Hardeman's cancer.
While expressing "great sympathy" for Hardeman and his family, Bayer said an extensive body of science supports the conclusion that Roundup was not the cause of his cancer.
The German company said that the largest and most recent epidemiologic study that followed over 50,000 pesticide applicators for more than 20 years found no association between glyphosate-based herbicides and cancer.
The jury reached a decision in this first phase of the trial, but still must decide the question of liability in phase two, before a final verdict is reached in this case.
For the record, last year Bayer was already ordered to pay 78 million dollars in damages to Dewayne Johnson.
Roundup is currently subject to over 11,000 complaints in the United States alone.
Copyright (c) 2019 CercleFinance.com. All rights reserved.