Pharmaceutical Giant Bayer's Shares Plunge 7% as Washington Supreme Court Reopens PCB Case

GuruFocus10-11

Shares of Bayer AG (BAYRY, Financial) nosedived about 7% on Wednesday, marking the company's sharpest decline since March, following the Washington Supreme Court announcement that claims linked to PCB...

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The case revolves around allegations that Monsanto's products have caused harm at the Sky Valley Education Center in Washington state, spotlighting ongoing legal battles involving the German life sciences giant.The controversy began with Monsanto's polychlorinated biphenyls (PCBs), industrial chemicals that were phased out in 1977. Despite their discontinuation, the legacy of these compounds continues to impact Bayer after its acquisition of the U.S. agricultural company in 2018. The stock, which has already fallen 13% year-to-date, extending last year's 30% decline, is under pressure as investors react to the potential legal consequences.Previously, an appeals court had overturned a $185 million award due to procedural errors, yet the high court's decision to revisit the case suggests a protracted legal journey ahead. 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