A class action lawsuit has been initiated in the United States District Court for the Southern District of New York on behalf of Amgen investors. The lawsuit pertains to all individuals who purchased or acquired Amgen common stock between July 29, 2020 and April 27, 2022, inclusive.
The complaint filed by the plaintiffs alleges that the defendants made false statements or concealed information. Specifically, they failed to disclose that the U.S. government claimed that Amgen owed more than $3 billion in back taxes for tax years 2010, 2011, and 2012, and more than $5 billion in back taxes for tax years 2013, 2014, and 2015. The government was also likely to claim that Amgen owed more than what investors had been led to believe for subsequent tax years. Furthermore, Amgen had not accrued sufficient amounts to account for its outstanding tax liabilities, and had not complied with Accounting Standards Codification Topic 450 and other rules and regulations concerning the preparation of its periodic filings with the U.S. Securities and Exchange Commission. Finally, Amgen’s refusal to pay taxes claimed by the U.S. government exposed the company to a substantial risk of severe financial penalties imposed by the Internal Revenue Service.