WHITE PLAINS, N.Y., July 9 /PRNewswire/ -- The following release was
issued today by Thomas M. Skelton and Richard W. Cohen of Lowey Dannenberg
Cohen & Hart, P.C.:
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
In re BAYER AG SECURITIES LITIGATION
File No. 03 CV 1546 (WHP)
CLASS ACTION
This Document Relates To: ALL ACTIONS.
TO: ALL PERSONS OR ENTITIES WHO OR WHICH:
FROM AUGUST 4, 2000 THROUGH AND INCLUDING FEBRUARY 21,2003:
(A) PURCHASED OR OTHERWISE ACQUIRED ORDINARY SHARES OF BAYER AG (Ticker:
BAY GR) ON THE U.S. OVER-THE-COUNTER MARKET OR PURCHASED AMERICAN DEPOSITORY
RECEIPTS (ADRS) OF BAYER AG (Pink Sheets: BAYRY) ON THE NEW YORK STOCK
EXCHANGE, REGARDLESS OF THE PURCHASER'S COUNTRY OF RESIDENCE AT THE TIME OF
PURCHASE; OR
(B) PURCHASED OR OTHERWISE ACQUIRED ORDINARY SHARES OR ADRS OF BAYER AG ON
ANY OTHER STOCK EXCHANGE AND THE PURCHASER, OR BENEFICIAL OWNER, WAS A
RESIDENT OR CITIZEN OF THE UNITED STATES AT THE TIME OF PURCHASE.
This Summary Notice is given pursuant to Rule 23 of the Federal Rules of
Civil Procedure and an Order of the United States District Court for the
Southern District of New York (the 'Court') dated June 20, 2008 to advise you
of a proposed settlement reached in this Class Action between Lead Plaintiff
and Defendants for $18,500,000 (Eighteen Million Five Hundred Thousand
Dollars) and settlement hearing in the above-captioned action.
The Second Amended Complaint in this Litigation alleged that from August
4, 2000 to August 8, 2001, 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.
The Lead Plaintiff also alleged 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.
