The planned shareholder lawsuits against Bayer because of the controversial takeover of the US agricultural giant Monsanto are taking on larger dimensions. By the end of the limitation period on December 31, 2021, lawsuits for around 320 plaintiffs had been filed with the Cologne Regional Court, the law firm Tilp, which specializes in investor model proceedings, announced on Monday, thereby confirming a report by "Wirtschaftswoche". The claims totaled around 2.2 billion euros. In mid-December, Tilp announced that it would represent more than 250 institutional investors and a large number of private investors. The total volume of these lawsuits was more than a billion euros at the time.
According to Tilp, Bayer has misled its shareholders primarily about the risks of pending consumer lawsuits in the US in connection with the glyphosate-containing weed killer Roundup, which the company took into account with the Monsanto takeover in 2016.
As a result, the share price fell massively.
In the United States, Bayer has to defend itself against thousands of lawsuits from Roundup users because of the drug's alleged carcinogenic effect.
Bayer has always rejected that.
The group reiterated on Monday that it considers the lawsuits to be unfounded.
"Bayer has complied with the law and has met its publication obligations," said a spokesman.
"Studies by independent experts confirm that the Bayer Board of Management acted in accordance with its obligations in connection with the acquisition."
In mid-December, the Cologne Regional Court decided that the law firm's application to initiate model investor proceedings should be published in the Federal Gazette.
This is a first step in the process.
If there are enough similar lawsuits, the Higher Regional Court will set a model plaintiff with whom the process will then be conducted as an example.