Sign In
Step 1
Unite with Fellow Investors
Step 2
Choose the Best Attorney
Step 3
Provide Documents
Step 4
Follow Case Progress
Step 5
Get Payout
AMGN.US

Amgen (AMGN) Misleading Case

N.D. New York
Court
23-CV-02138
Case number
29 Jul 2020
Class period Start
27 Apr 2022
Class period End
  • #Amgen disclosed a Notice of Deficiency from the IRS which sought $5.1 billion in back taxes.
  • $AMGN price fell 4.3%, damaging investors.
  • Investors suspect #AMGN & Its Leaders of multiple misleading statements.
On April 27, 2022, #Amgen issued an earnings release, which disclosed that Amgen had received a Notice of Deficiency from the IRS in April 2022 which sought $5.1 billion in back taxes, plus interest, for tax years 2013, 2014, and 2015, and proposed a $2 billion penalty as a result of Amgen’s improper tax avoidance strategies.

On this news, the $AMGN price fell 4.3%, damaging investors.
  • #Amgen has additionally disclosed that it is under examination by the IRS for the years 2016 to 2018 for similar issues as the prior Notices of Deficiency for years 2010 to 2015, as well as examination by various state and foreign tax jurisdictions.
  • #Amgen has also admitted that “the ultimate outcome of any tax matters may result in payments substantially greater than amounts accrued and could have a material adverse effect on the results of our operations.”
Going back, On August 3, 2021, #Amgen issued an earnings release, which, disclosed massive outstanding tax liabilities sought by the IRS. The release stated that Amgen had received a Notice of Deficiency from the IRS in July 2021 which sought $3.6 billion in back taxes, plus interest, for tax years 2010, 2011, and 2012.

On this news, the $AMGN price fell over 6%.

Taking all facts into account, Investors have reasons to suspect the Company and its Leaders in multiple misleading statements, failure to disclose material facts, and negligence.
Alleged Offence
Mismanagement
Misleading Statements
Financial Misrepresentation
Fraud
Failure to Disclose
Malpractice
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
27 April 2022
Filing date
13 March 2023
Lead Plaintiff Deadline
12 May 2023
Collecting participants…
Created by Stan Vick, Scout

Amgen Inc

Amgen Inc. discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriat...

    Ticker
    AMGN.US
    ISIN
    US0311621009
    CIK
    318154
    Sector
    Healthcare
    Industry
    Drug Manufacturers - General
    Country
    USA
    Address
    One Amgen Center Drive, Thousand Oaks, CA, United States, 91320-1799