A California federal judge on Friday granted class certification to a group of Bayer AG investors who launched a suit against the company accusing of it downplaying litigation risks related to the weedkiller Roundup after acquiring Monsanto, finding that the suit isn't trumped by extraterritoriality concerns as claimed by the German multinational.
U.S. District Judge Richard Seeborg issued an order and rejected Bayer and the other defendants' arguments that class certification is inappropriate because many of the plaintiffs' transactions of Bayer securities, known as American Depositary Receipts, or ADRs, occurred outside the U.S.
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In addition to granting certification, Judge Seeborg also named the plaintiffs as class representatives and Cohen Milstein Sellers & Toll PLLC as class counsel.
In a statement to Law360 on Friday, counsel for the investors said they were pleased with the court's "thorough and well-reasoned" decision.
"We look forward to continuing to litigate the claims of our clients and the now certified class of ADR investors, who allege Bayer misrepresented the extent of its due diligence when acquiring Monsanto," said Carol V. Gilden of Cohen Milstein Sellers & Toll PLLC.
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The investors are represented by Carol V. Gilden, Steven J. Toll, Chris Lometti and Benjamin F. Jackson of Cohen Milstein Sellers & Toll PLLC.
Read the complete article on Law360.