Bayer Aktiengesellschaft : American Depositary Shares Securities Litigation
On or around 07/16/2020 (Date of last review)
Filing Date: July 15, 2020
According to the Complaint, Bayer Aktiengesellschaft ("Bayer") is a multinational pharmaceutical and life science company.
On May 23, 2016, Bayer announced that it had made an unsolicited all-cash offer to acquire Monsanto Company - a U.S. based provider of agricultural chemicals and other products. On June 7, 2018, after a protracted regulatory approval process, Bayer completed its acquisition of Monsanto for $63 billion in cash (the "Acquisition"). The claims alleged in this case arise from Defendants' misrepresentations and omissions regarding the significant liability risk from lawsuits brought against Monsanto alleging that Monsanto's flagship weed killer product, Roundup, caused cancer, including non-Hodgkin's lymphoma—a lethal blood cancer.
The Complaint alleges that, throughout the Class Period, Defendants made false and misleading statements to investors, describing the Acquisition as "a compelling transaction for shareholders" that would create "significant value" by generating "stronger growth, better profitability, and a more resilient business profile" and "will translate into attractive financial benefits for Bayer and its shareholders." The Complaint further alleges that Defendants specifically downplayed the liability risks related to Monsanto's Roundup product, emphasizing that the Company conducted a "thorough analysis" during due diligence and "undertook appropriate due diligence of litigation and regulatory issues throughout the process" which led Bayer to finalize the Acquisition. As a result of Defendants' misrepresentations, Bayer ADRs traded at artificially inflated prices during the Class Period.
Company & Securities Information
Defendant: Bayer Aktiengesellschaft
Industry: Major Drugs
Ticker Symbol: BAYRY
Company Market: OTC-BB
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
City of Grand Rapids General Retirement System, et al. v. Bayer Aktiengesellschaft, et al.
COURT: N.D. California
DOCKET #: 20-CV-04737
JUDGE: Hon. Richard Seeborg
DATE FILED: 07/15/2020
CLASS PERIOD START: 05/23/2016
CLASS PERIOD END: 03/19/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Bernstein Litowitz Berger & Grossman LLP (LA)
First Identified Complaint (FIC) Filings:
Complaint for Violations of the Federal Securities Laws
U.S. District Court Civil Docket
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available