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Investing.com -- Shares of Bayer (OTC:BAYRY) tumbled 7% on Monday following a Georgia jury’s verdict ordering the company to pay nearly $2.1 billion in damages to a plaintiff who alleged that exposure to its Roundup weedkiller caused his cancer.
The ruling marks another substantial blow to the German pharmaceutical and agrochemical giant as it continues to grapple with mounting legal challenges related to the controversial herbicide.
The court’s decision, reached late Friday, awarded plaintiff John Barnes $65 million in compensatory damages and an additional $2 billion in punitive damages.
The case is the latest in a series of legal battles over Roundup, which has been at the center of intense scrutiny since Monsanto—acquired by Bayer in 2018—was first accused of failing to adequately warn consumers about the risks associated with its key ingredient, glyphosate.
Despite regulatory agencies such as the U.S. Environmental Protection Agency (EPA) stating that glyphosate is unlikely to be carcinogenic when used as directed, multiple lawsuits have cited studies linking the chemical to non-Hodgkin’s lymphoma.
The verdict in Barnes’ case adds to a growing tally of legal setbacks for Bayer, which has already faced more than 177,000 similar lawsuits and set aside $16 billion for settlements.
The company has vowed to appeal the Georgia verdict, arguing that the decision contradicts the consensus of regulatory bodies and scientific assessments worldwide.
Kyle Findley, the lead attorney representing Barnes, hailed the jury’s ruling as a major victory for his client and others facing similar struggles.
Findley’s law firm has now won four Roundup-related cases, including a record-setting $2.25 billion verdict in Philadelphia earlier this year.
He indicated that many more cases remain in the pipeline, potentially adding to Bayer’s legal woes.
Roundup, a widely used herbicide designed for use with genetically modified crops such as corn, soybeans, and cotton, has been a cornerstone of modern agriculture.
However, the ongoing legal disputes and high-profile verdicts continue to cast a shadow over Bayer’s financial outlook, heightening investor anxieties about future liabilities.