Is Bayer on the Brink of Financial Ruin? by Wellness Editor
Bayer is likely suffering from major buyer’s remorse over its decision to purchase Monsanto last year. Just months after the buyout, the German drug manufacturer started getting hit with lawsuits in which plaintiffs claimed Monsanto’s weedkiller product, Roundup, was causing cancer. The most recent jury verdict has awarded a California couple over $2 billion, which could potentially put Bayer on the brink of financial ruin.
Three juries found that Roundup was responsible for a California couple’s non-Hodgkin’s lymphoma. Most recently, a jury decided the company should pay the plaintiffs $2 billion for their medical bills and suffering. This has left Bayer in hot water. Even if judges reduce the amount Bayer must pay, the company could still be financially devastated. As if this wasn't bad enough, Bayer is also being investigated for other suspicious activity.
A Substantial Verdict
The verdict came in after a jury decided that Roundup caused California couple Alva and Alberta Pilliod to develop non-Hodgkin’s lymphoma, Reuters reported. The couple had used the popular weedkiller for decades before they both fell ill, one first becoming sick in 2011 and the second in 2015. Both are currently in remission.
The judge could decide to lower the award amount, but the verdict may still hit Bayer hard. The company’s stock prices have plummeted, dropping 44% since the buyout. According to another article by Reuters, Bayer is currently worth less than what it paid for Monsanto last year.
Multiple Lawsuits
Bayer’s litigation woes began in August of 2018 when a jury determined Roundup had caused a groundskeeper’s case of non-Hodgkin’s lymphoma, awarding him $289 million. In March of 2019, Bayer was ordered to pay another plaintiff $80 million. Over 11,200 additional lymphoma sufferers are currently in the process of suing the company.
Bayer is in hot water overseas too, but for different reasons. Authorities in France are investigating the company for gathering information on over 200 journalists, politicians and other influencers across Europe. Bayer admits no wrongdoing but has apologized for gathering the data, which may have been used in an attempt to raise the company’s standing in various European nations.
Bayer’s future is currently uncertain, but the company is fighting all allegations against it and its products. It believes the verdicts can be overturned, citing the EPA’s finding that glyphosate poses no risks to humans when used within safety limits. In the meantime, it appears as though the lawsuits --- and the judgments against Bayer --- will continue to mount.
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