Bayer Shareholders File Most Recent Lawsuit Over Baycol
March 13, 2003
Bayer Corporation stockholders, angered over the company's alleged misrepresentation of its withdrawn cholesterol drug Baycol, have filed a securities and investment fraud lawsuit against the pharmaceutical maker. In the claim, shareholders, seeking damages for the fall in the company's share price, allege Bayer violated the Securities Exchange Act by releasing false data concerning the safety of Baycol that subsequently inflated the market price of Bayer's American Depositary Shares (ADS). Since January, Bayer's shares have lost two-fifths of their value.
The suit, filed in a New York district court, is seeking to recover damages for all stockholders who purchased Bayer ADS on the Nasdaq from May 26, 1999 to January 23, 2002 and on the New York Stock Exchange from January 24, 2002 to February 21, 2003.
Bayer is facing nearly 8,000 lawsuits--only 450 of which have been settled--over Baycol. In Corpus Christi, Texas Wednesday, attorneys presented closing arguments in the first Baycol lawsuit to go to trial. A decision in the suit is expected shortly.
-- Article Courtesy of InjuryBoard.com
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- Bayer May Have Known of Baycol's Problems Before Withdrawal
- "Nearly 2,000 More Baycol Lawsuits Filed Since November; Over 400 Baycol Claims Settled"
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