{"id":2161923,"date":"2024-01-29T13:21:02","date_gmt":"2024-01-29T18:21:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bayer-shares-fall-nearly-6-on-court-order-to-pay-2-25-bln-in-damages\/"},"modified":"2024-01-29T13:26:11","modified_gmt":"2024-01-29T18:26:11","slug":"bayer-shares-fall-nearly-6-on-court-order-to-pay-2-25-bln-in-damages","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bayer-shares-fall-nearly-6-on-court-order-to-pay-2-25-bln-in-damages\/","title":{"rendered":"Bayer&#8217;s shares drop by almost 6% due to $2.25 billion court-ordered payment"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbayer-shares-fall-nearly-6-on-court-order-to-pay-2-25-bln-in-damages%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2161923&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"entry-content\">\n<p><strong>Breaking News:<\/strong> January 29, 2024 \u2013 4:42 AM PST<\/p>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">The \u200d120 metres high \u200bBayer Cross, logo of German \u2063pharmaceutical and chemical maker \u200cBayer AG, consisting of 1710 LED glass bulbs is seen outside\u200c the industrial park \u201cChempark\u201d of the chemical industry in \u2062Leverkusen, Germany, September 23, 2023. REUTERS\/Wolfgang Rattay\/File Photo<\/figcaption><\/figure>\n<p><strong>Shares in Bayer Plummet After Record-Breaking Damages Awarded<\/strong><\/p>\n<blockquote>\n<p>FRANKFURT (Reuters) \u2013 Shares in Bayer\u00a0(BAYGn.DE) dropped as much as 5.7% on Monday after the embattled German company was ordered to pay $2.25 billion\u2064 in damages, the highest amount yet\u200b in its ongoing litigation linked to an alleged carcinogenic effect of\u2064 its\u200b Roundup weedkiller.<\/p>\n<\/blockquote>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>A jury in a Philadelphia\u00a0court\u00a0on Friday ordered Bayer to pay\u2062 $2.25 billion to a Pennsylvania man who said he\u2062 developed cancer from exposure to the Roundup weedkiller, based on \u2064the chemical \u2062glyphosate.<\/p>\n<p>Shortly after the 0800 GMT \u2064open, Bayer shares fell 5.7% to their \u200blowest in \u2064about eight weeks, before trimming the losses to last trade down\u2064 4.6%. They have lost 70% of their value since the company bought Monsanto in \u200c2018.<\/p>\n<p>The total amount includes $2 billion\u2064 in \u200cpunitive damages, which are likely \u200cto be reduced on appeal because they exceed U.S. Supreme Court guidance, but the verdict poses\u2064 an added headache for CEO\u200c Bill Anderson, who is cutting\u2064 management \u2064jobs in a bid to speed up how business decisions are made.<\/p>\n<p>Anderson is also in the process of reviewing the group\u2019s diversified \u2062structure, which is unpopular with \u200bmany investors, but will likely hold \u2062off presenting\u00a0break-up\u00a0plans \u2064at an investor\u200c update scheduled for early \u200cMarch, people familiar with the matter have told Reuters.<\/p>\n<p>Bayer, \u2064which is burdened by financial debt and lack of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chevron-to-buy-hess-for-53-billion-cementing-long-term-bet-on-fossil-fuels\/\" title=\"Chevron acquires Hess for B, solidifying commitment to fossil fuels.\">free cash \u2062flow<\/a>, said \u2062it\u200b remains committed to taking cases to trial, citing a record of \u200chaving won 10 of the last 16 \u200bcases at \u2062trial.<\/p>\n<p>In 2020, Bayer settled most of the Roundup cases that were pending at the time for up to \u2063$9.6 billion but\u200b failed to get court approval for an agreement to prevent future cases. More than\u2062 50,000 claims \u2062now remain pending.<\/p>\n<p>\u201cA new settlement would unfortunately not \u2063put an end to glyphosate litigation because in one to two years, \u200cnew plaintiffs would again be knocking on Bayer\u2019s\u200b door,\u201d said portfolio manager Markus Manns \u200cof mutual funds company\u200b Union \u200dInvestment.<\/p>\n<p>Among the \u2063measures to head off further claims, Bayer has moved to phase out \u2063the use\u200d of glyphosate in products for non-professional\u200d gardeners, but new plaintiffs have based their claims\u2064 on years of prior use.<\/p>\n<p>Bayer \u2062continues to sell glyphosate-based weedkillers to farmers, \u2063who rely \u200con it heavily \u2064and who according to\u2064 Bayer play\u2064 a\u200c negligible role \u200din the litigation.<\/p>\n<p>Anderson, at the helm since June last year, has adopted his predecessor\u200c Werner Baumann\u2019s tough\u2064 stance regarding further settlement deals.<\/p>\n<p>Among other challenges he faces is a weak U.S. \u200dcorn seed business, a drop in prices \u200dof\u2063 glyphosate weedkillers and a recent \u2062failure of a key trial testing\u200d a once-promising new <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-concerning-rise-of-gmo-food-animals\/\" title=\"The Concerning Rise of GMO Food Animals\">anti-clotting drug<\/a>.<\/p>\n<p><sup>Editing by\u200d Rachel More and Emelia Sithole-Matarise<\/sup><\/p>\n<\/p>\n<div id=\"rc-widget-10bad2\" data-rc-widget data-widget-host=\"habitat\" data-endpoint=\"\/\/trends.revcontent.com\" data-widget-id=\"278641\"><\/div>\n<p class=\"dpsp-share-text\" style=\"margin-bottom:10px\"> \t\t \t\t\u2063\t\tShare this post!\t<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Scott LoBaido<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Sheriff Wayne Ivey<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with \u2062Kari \u2062Lake<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Dr.\u200b Walid\u200d Phares<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Latest News:<\/strong> January 29,\u2064 2024 \u2013\u2064 6:18 AM PST (Reuters) \u2013 Microsoft\u00a0(MSFT.O)\u00a0to Report Impressive Revenue Growth<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>X is \u200bHiring Content Moderators to \u200dCombat Child\u200d Abuse Content<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Intel\u00a0Shares Plummet Following Bleak Revenue Outlook<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Microsoft\u00a0to\u200c Lay Off Employees at Activision\u200b Blizzard and Xbox<\/p>\n<\/p><\/div>\n<p> rnrn  <\/p>\n<h2> How much was \u2063Bayer ordered \u200dto pay in damages and what was the basis \u2062for the lawsuit?<\/h2>\n<p><span>  Breaking News:\u200b January 29,\u200d 2024 \u2013 \u20644:42 AM PST<\/p>\n<p>Shares in Bayer Plummet After \u2063Record-Breaking Damages Awarded<\/p>\n<p>FRANKFURT\u200d (Reuters)\u200c \u2013 Shares in\u200b Bayer (BAYGn.DE) dropped as much as 5.7%\u2064 on Monday \u2062after the embattled German company was ordered to pay $2.25 billion in\u200d damages, the\u200b highest amount yet in \u2063its ongoing litigation \u200dlinked to an\u200c alleged \u2063carcinogenic\u2063 effect of its \u200bRoundup weedkiller.<\/p>\n<p>A jury in a Philadelphia \u200bcourt on \u2062Friday ordered\u200d Bayer \u200cto pay $2.25\u200d billion to a\u2064 Pennsylvania man who said he \u2062developed cancer from exposure to the Roundup weedkiller, based on the chemical glyphosate.<\/p>\n<p>Shortly\u200d after the 0800 GMT open, Bayer\u2062 shares fell 5.7% to their lowest in about\u200d eight weeks, \u200cbefore trimming the losses to\u2064 last trade down \u20644.6%. They\u2062 have lost\u200b 70% of their value since \u2063the company bought \u200dMonsanto in 2018.<\/p>\n<p>The\u2063 total amount includes $2 billion in punitive damages, which\u200d are likely to be reduced\u2063 on appeal because they exceed U.S. Supreme \u2064Court guidance, but the\u2064 verdict poses an\u2063 added headache for CEO Bill\u2064 Anderson, \u2064who is cutting \u2064management jobs in a \u2063bid to speed up how business decisions are \u200cmade.<\/p>\n<p>Anderson is also \u200cin the process of \u200dreviewing the group&#8217;s diversified structure, which is unpopular with\u200b many investors, but will likely hold off presenting breakup plans at an investor update scheduled\u200c for\u2063 early March, people\u2063 familiar\u2062 with the matter\u200d have told Reuters.<\/p>\n<p>Bayer, which is\u200b burdened by financial \u200cdebt and lack of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/climate-change-activists-press-u-s-oil-producers-to-reduce-drilling-as-demand-surges\/\" title=\"Climate Change Activists Press U.S. Oil Producers to Reduce Drilling as Demand Surges\">free cash flow<\/a>, said it\u2063 remains \u200ccommitted\u2064 to taking cases to\u2062 trial, citing \u2062a record \u2064of having won\u200d 10 \u200dof the last 16\u2063 cases \u200cat trial.<\/p>\n<p>In 2020, Bayer settled most of the Roundup cases that were \u2063pending at the time for up to $9.6 billion but failed to get court\u2064 approval for an agreement \u200bto\u200d prevent future cases. More \u200cthan\u200c 50,000\u200b claims now remain\u200b pending.<\/p>\n<p>&#8220;A new settlement\u2064 would unfortunately \u2064not put an end to glyphosate litigation because in \u200bone to two years, new plaintiffs would again\u2063 be knocking on Bayer&#8217;s\u200b door,&#8221; \u200dsaid portfolio manager Markus Manns of mutual funds company\u200b. <\/p>\n<p>This latest blow to Bayer&#8217;s reputation\u2063 and finances underscores the ongoing challenges \u2064the company faces \u2062in relation to\u200d the Roundup weedkiller. As\u200d more cases are brought to trial, the financial burden will continue\u2064 to grow, further pressuring Bayer&#8217;s stock price. All eyes will be on how the company handles the situation, especially\u2063 as CEO Bill Anderson makes\u2062 efforts to streamline operations and improve decision-making processes.<\/p>\n<p>Disclaimer: This article is for informational purposes only and does not <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nasdaq-rises-on-boost-from-growth-stocks-fed-comments-in-focus\/\" title=\"Nasdaq surges on growth stocks; attention on Fed remarks.\">constitute financial advice<\/a>. The author and \u200dpublishing platform are not responsible for any decisions\u200c made \u2062based on \u200bthe information \u2064provided. It \u2064is always recommended\u2062 to consult with a financial \u2063advisor or professional \u2064before making any investment decisions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>January 29, 2024 \u2013 4:42 AM PST: Bayer AG&#8217;s iconic 120m high Bayer Cross, made up of 1710 LED glass bulbs, is spotted near Leverkusen&#8217;s Chempark. On September 23, 2023, REUTERS\/Wolfgang Rattay\/File Photo captured the image. FRANKFURT (Reuters) &#8211; Bayer (BAYGn.DE) shares declined<\/p>\n","protected":false},"author":1911,"featured_media":2161924,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2161923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2161923","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1911"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2161923"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2161923\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2161924"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2161923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2161923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2161923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}