Bayer says to appeal U.S. court ruling on PCBs if necessary
28 Jul 2021
Bayer (OTC:BAYRY) is trading down 0.24% at 50.42
German chemicals maker Bayer (OTC:BAYRY) said on Wednesday it may appeal an order in a U.S. legal case to pay $185 million to four staff members of a school in the state of Washington over exposure to polychlorinated biphenyls, or PCBs, made by the former Monsanto (NYSE:MON) Co.
Bayer, which bought Monsanto for $63 billion in 2018, said it disagreed with the verdict and planned to pursue post-trial motions and, if necessary, an appeal.
“The undisputed evidence in this case does not support the conclusions that plaintiffs were exposed to unsafe levels of PCBs at the Sky Valley Education Center (SVEC) or that any exposure could have possibly caused their claimed injuries,” Bayer said in a statement.
“In reality, testing reflected extremely low levels of PCBs in this school.”
PCBs were once used widely to insulate electrical equipment, and were also used in such products as carbonless copy paper, caulking, floor finish and paint. They were outlawed by the U.S. government in 1979 after being linked to cancer and other health problems. Monsanto produced PCBs from 1935 to 1977.
On technical fronts Bayer (OTC:BAYRY) RSI stood at 43.15 and currently stock is trading below all Moving Average. So, SELL position can be taken with following target and stoploss:
TRADE SIGNAL – : Bayer (OTC:BAYRY) – SELL: 50.42, TARGET: 49.99, STOP LOSS : 50.83