Lawsuit filed against Bayer in New York

Published: 12-Mar-2003

A shareholder lawsuit has been filed in a federal district court of New York against Bayer AG.


A shareholder lawsuit has been filed in a federal district court of New York against Bayer AG.

The suit also names as defendants Manfred Schneider and Werner Wenning, the former and present chairmen of Bayer's board of management.

The suit alleges violations of the Securities Exchange Act of 1934. It also alleges that each of the defendants omitted and/or misrepresented factual information concerning Bayer's cholesterol lowering drug Lipobay/Baycol and that such omissions or mis-statements artificially inflated the market price of Bayer AG's American Depositary Shares to the detriment of holders.

The suit seeks to recover damages on behalf of persons or entities who purchased Bayer AG American Depositary Shares on the NASDAQ from 26 May, 1999 to 23 January, 2002 or on the New York Stock Exchange from 24 January, 2002 to 21 February, 2003.

Bayer says it is reviewing the lawsuit and its allegations and intends to defend itself vigorously.

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