LEVERKUSEN, Germany, March 12 /PRNewswire-FirstCall/ -- Bayer AG has been
notified of the filing of a shareholder lawsuit in a federal district court of
New York. The suit also names as defendants Manfred Schneider and Werner
Wenning, the former and present Chairmen of Bayer AG's Board of Management.
The suit alleges violations of the Securities Exchange Act of 1934. The
suit further alleges that each of the defendants omitted and/or misrepresented
factual information concerning Bayer's cholesterol lowering drug
Lipobay/Baycol and that such omissions or misstatements artificially inflated
the market price of Bayer AG's American Depositary Shares to the detriment of
holders. The suit seeks to recover damages on behalf of persons or entities
who purchased Bayer AG American Depositary Shares on the NASDAQ from May 26,
1999 through January 23, 2002 or on the New York Stock Exchange from January
24, 2002 through February 21, 2003.
Bayer is reviewing the lawsuit and its allegations and intends to defend
itself vigorously. The complaint has not been served yet.
Forward-looking statements
This news release contains forward-looking statements based on current
assumptions and forecasts made by Bayer Group management. Various known and
unknown risks, uncertainties and other factors could lead to material
differences between the actual future results, financial situation,
development or performance of the company and the estimates given here. These
factors include those discussed in our public reports filed with the Frankfurt
Stock Exchange and with the U.S. Securities and Exchange Commission (including
our Form 20-F). The company assumes no liability whatsoever to update these
forward-looking statements or to conform them to future events or
developments.
SOURCE Bayer
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CONTACT:
Mark A. Ryan, +1-412-777-5666, or Annette
Josten, +49-214-30-62812, or Fax, +49-214-30-58567,
annette.josten.aj@bayer-ag.de, both of Bayer
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