Roundup verdict sends Bayer shares down 7%💡

Bayer (BAYN.DE) shares are down around 7% early this week after the company received a Roundup verdict and was ordered to pay a $2.1 billion penalty. The company has already paid out a total of $10 billion to settle disputed claims, and more than 66,000 more cases are still pending.

A jury in Georgia, South Carolina, US, has ordered Monsanto parent company Bayer to pay damages to a man who claims the company’s Roundup weedkiller caused him cancer. “Bayer will likely be able to significantly reduce the punitive damages on appeal, as well as appeal the jury’s findings, although this will take some time,” JP Morgan analysts added.

The company’s shares are once again negating gains on the 200-day EMA (golden line on the chart) and extending a long-term downtrend.

Source: xStation

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