The lawsuits charged Bayer failed to disclose serious health risks and misrepresented its "prior knowledge" of Baycol's dangers, while understating its potential liability for claims from patients and payors. As a result, the shareholders charged the market value of Bayer securities was artificially inflated through February 2003.
There was no trial or findings of fault, and Bayer denies any and all allegations of wrongdoing or liability, according to the settlement announcement, which you can read right here. A hearing is scheduled for September 26 in federal court in Manhattan.
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