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In the face of mounting Roundup cancer lawsuits, Bayer AG is attempting to reassure jittery investors whose shares have fallen by nearly 40 percent.
The news comes in the wake of three multi-million dollar verdicts against the company in lawsuits brought by plaintiffs who say that exposure to Roundup’s active ingredient, glyphosate, caused them to develop non-Hodgkin lymphoma.
Bayer has been unyielding in its defense of the herbicide and is appealing all three verdicts. Nonetheless, legal analysts believe that in light of recent statements and moves by company leadership, Bayer may be considering a settlement.
About Roundup Cancer Lawsuits
There are some 13,400 lawsuits pending against Bayer AG, in which plaintiffs claim that the glyphosate in Roundup caused their cancer. Bayer, which paid $63 billion last year to acquire the rights to Roundup from Monsanto, has been adamant in its defense of Roundup, even while the value of the company has dropped to $56 billion. Bayer has dismissed research by the International Agency for Research on Cancer, which in 2016 found glyphosate to be a “likely carcinogen.”
In defense of its product, Bayer has cited 800 studies of its own that the company says demonstrate that Roundup is harmless to humans when used according to instructions. However, revelations published in the New York Times in 2017 have cast doubt over the validity of those studies, which were conducted by scientists working for Monsanto who reportedly colluded with colleagues at the Environmental Protection Agency (EPA).
Meanwhile, independent research increasingly indicates that glyphosate exposure can raise cancer risk by as much as 40 percent or more, according to CNN.
Rehabilitating its Image?
While continuing its denial of Roundup cancer links, Bayer has made a number of significant moves in the face of shareholder anger. In June, the company posted an announcement on its website pledging to spend $5.6 billion over the coming decade to develop more environmentally friendly methods of weed control and promising greater transparency.
In response to Roundup cancer lawsuits, Bayer has hired independent legal counsel to serve in an advisory capacity to the board, and has created a special committee to oversee litigation. In a media statement, Bayer acknowledged “…the negative effect the litigation uncertainty has had on the stock price and stakeholder perception,” indicating that the company would take steps toward a possible resolution.
Nonetheless, Bayer remains steadfast in its defense of Roundup, stating that “glyphosate will continue to play an important role in agriculture and our portfolio.”
Settle or Perish?
A recent article published on Seeking Alpha suggested that, given the amounts of the jury awards in three bellwether trials, similar verdicts in a just a fraction of pending lawsuits would destroy shareholder value.
According to FiercePharma, Bayer’s current $65 share price suggests a settlement figure of approximately $33 billion, or $2.3 million for each of the 13,400 Roundup cancer plaintiffs. Bayer’s 2018 revenues were just less than $44.5 billion. Its current assets are valued at $141.7 billion.
If you or a loved one developed cancer after using Roundup as a farm worker or home gardener, you may have a legal claim. Legal migrant farm workers may also seek help. Learn more by filling out the form on this page for a FREE case evaluation.
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