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Case Abstract
Final approval of the settlement was granted by the Honorable William H. Pauley, III on December 15, 2008 in In re: Bayer AG Securities Litigation. Lowey Dannenberg Cohen & Hart, P.C. obtained an $18.5 million settlement on behalf of our client and a class of purchasers of securities of Bayer. In approving the settlement, Judge Pauley stated that the attorneys at Lowey Dannenberg are "nationally recognized complex class action litigators, particularly in the fields of securities and shareholder representation," and also noted that Lowey Dannenberg "provided high-quality representation" to the class.
In In re: Bayer AG Securities Litigation, Lowey Dannenberg serves as lead counsel for Lead Plaintiff Thomas DiNapoli, Comptroller of the State of New York. The Complaint alleged 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. It claimed 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. The Complaint further alleged that as a result of these alleged material misrepresentations and omissions, the market price of Bayer securities was artificially inflated during the Class Period. The Complaint 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
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 of Settlement Granted on December 15, 2008
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