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Case Abstract
Preliminary Approval of the settlement was granted by the Honorable William H. Pauley, III on June 13, 2008 in In re: Bayer AG Securities Litigation.
In In re: Bayer AG Securities Litigation, Lowey Dannenberg Cohen & Hart, P.C. serves as lead counsel for Lead Plaintiff Thomas DiNapoli, Comptroller of the State of New York, who alleged, among other things, that Defendants publicly misrepresented the prospects for Bayer's cholesterol-lowering drug, Baycol, while failing to disclose serious health risks, which led Bayer to withdraw Baycol on August 8, 2001, and that from August 8, 2001 to February 21, 2003, Bayer misrepresented its prior knowledge of Baycol's dangers and understated its potential liability for claims from users and purchasers of Baycol. Lead Plaintiff claimed that as a result of these alleged material misrepresentations and omissions, the market price of Bayer securities was artificially inflated during the Class Period. Lead Plaintiff further alleged that the market price for Bayer securities fell following publication of an article in the New York Times concerning Baycol on February 22, 2003, causing investors to incur losses due to violations of the federal securities laws.
Client
Class of securities purchasers led by the New York State Common Retirement Fund
Case Name
In re: Bayer AG Securities Litigation, No. 03 cv 1546 (S.D.N.Y.)
Current Status
Final Approval Hearing scheduled for September 26, 2008 (see Preliminary Order for Hearing and Notice, Notice of Pendency and Settlement of Class Action and Proof of Claim and Release).
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