Bayer shares hit 7 year-low after $2 Billion award in roundup trial
According to a report by Reuters, on Tuesday, Bayer shares fell by as much as 5 percent after a California couple were awarded over 2 billion-dollars in the largest US jury penalty over allegations that its product, Roundup weed killer, causes cancer.
The stock reportedly closed at a seven-year low after the jury concluded that Roundup, based on herbicide glyphosate, had been defectively designed, and that the company had failed to warn people of the herbicide's alleged cancer risk.
In a statement on Monday, Bayer reportedly said that it was disappointed with the verdict and would appeal.
Reuters reports that this was the third consecutive US jury verdict against the company in litigation over the chemical which was acquired as part of Bayer's 63 billion dollar purchase of Monsanto last year.