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AMGN.US
id: 619, Created by Stan Vick, Scout
Amgen (AMGN) Misleading Case
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N.D. New York
Court23-CV-02138
Case number- #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…
Case history
Stan Vick
11 July 2023
Robbins Geller To Lead Amgen Investors In $10B Tax Bill Suit. A New York federal judge has appointed Robbins Geller Rudman & Dowd LLP as lead counsel in a proposed class action alleging that biotech company Amgen Inc. hid $10 billion in taxes and penalties from investors. (Source: Law360)
Stan Vick
01 September 2023
$AMGN case-related News:
- Amgen settles with FTC on a $27.8 billion $HZNP takeover.
- The US Federal Trade Commission said that it accepted a binding settlement that the combined Company won’t bundle together two of Horizon’s blockbuster drugs.
Reminder for Investors: