Wall Street Journal writer Ruth Bender reported earlier this week that, “Bayer AG said the number of plaintiffs suing over its weedkillers had risen by a further 1,900 over the past three months, adding to the legal pressure on the German pharmaceuticals and chemicals company as it navigates a broad restructuring of its businesses.
“The company, which makes aspirin, chemicals and seeds, also posted a net loss of €3.92 billion ($4.46 billion) for the fourth quarter compared with a profit of €148 million a year earlier, most of which resulted from write-offs for consumer-health brands it is selling, a pharmaceuticals plant it is closing and costs linked to acquiring U.S. agriculture giant Monsanto Co. last year.
“Still, shares closed up 4.2% on Wednesday, after Bayer reported better-than-expected sales. That offered investors a break from a monthslong share rout, driven to a large extent by the company’s growing legal jeopardy over the world’s most widely used herbicide.”
The Journal article stated that, “Another test case for Bayer opened up this week, this time in federal court in California. Six other trials are scheduled to begin in 2019.
“Bayer said Wednesday that as of late January it faced a total of 11,200 plaintiffs over its glyphosate products, compared with 9,300 at the end of October. Bayer has rejected the allegations, arguing that there are numerous studies that demonstrate the safety of glyphosate and its products.
“‘We have the science on our side and will continue to vigorously defend this important and safe herbicide for modern and sustainable farming,’ Chief Executive Werner Baumann said. He warned though that it would take some time to get more clarity over the outcome as the first trials were only starting.”
