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Pfizer (PFE) Italian Tax Avoidance Probe Case
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- In October 2022, Bloomberg reported that an Italian probe claimed Pfizer (PFE) was engaged in an international scheme of tax avoidance.
- On it, $PFE fell 0.69%, losing $1.81B+ of shareholder value.
- Investors may have grounds to suspect that Petrobras hid its international taxation setbacks, which led to their losses.
On October 26, 2022, Bloomberg reported that an Italian probe was claiming that Pfizer hid at least 1.2 billion euros in profit by transferring money to units in other countries, including the US and the Netherlands to avoid taxes on profits.
The probe began in February and cover 2017 through 2019.
On this news, $PFE fell 0.69% and lost over $1.81 billion of its market capitalization, seriously damaging shareholders.
Considering all the information, investors might have grounds to suspect that Pfizer failed to timely disclose its taxation-related exposure, which consequently led to their losses.
The case is already under investigation by at least one of the reputable law firms.
Failure to Disclose,
Shock Event Date
27 October 2022