Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Amgen Inc. (“Amgen” or the “Company”) (NASDAQ: AMGN) ) common stock between July 29, 2020 and April 27, 2022, inclusive (the “Class Period”). Amgen investors have until May 12, 2023 to file a lead plaintiff motion.
If you suffered a loss on your Amgen investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Amgen-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
On August 3, 2021, Amgen released its second quarter 2021 financial results, disclosing that it had outstanding tax liabilities sought by the IRS and that it has received a Notice of Deficiency from the IRS in July 2021, seeking $3.1 billion in back taxes, plus interest for tax years 2010, 2011, and 2012. On this news, Amgen’s stock price fell $15.77, or 6.5%, to close at $228.31 per share on August 4, 2021, thereby injuring investors.
Then, on April 27, 2022, Amgen issued an earnings release for its first quarter of 2022, disclosing that it had received another Notice of Deficiency from the IRS seeking $5.1 billion in back taxes, plus interest, for tax years 2013, 2014, and 2015, and a proposed $2 billion penalty as a result of the Company’s tax avoidance, bringing Amgen’s total amount owed to the IRS over $10 billion. On this news, Amgen’s stock price fell $10.66, or 4.3%, to close at $238.13 per share on April 28, 2022, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the U.S. government claimed Amgen owed more than $3 billion in back taxes for tax years 2010, 2011, and 2012; (2) the U.S. government claimed Amgen owed more than $5 billion in back taxes for tax years 2013, 2014, and 2015; (3) the U.S. government would likely claim Amgen owed materially more to the U.S. government than investors had been led to believe for subsequent tax years for which Amgen had used the same profit allocation treatment between its U.S. and Puerto Rico operations; (4) Amgen had not taken sufficient accruals to account for its outstanding tax liabilities; (5) Amgen had failed to comply with ASC 450 and other rules and regulations regarding the preparation of its periodic U.S. Securities and Exchange Commission filings; and (6) Amgens refusal to pay taxes claimed by the U.S. government exposed Amgen to a substantial risk of severe financial penalties imposed by the U.S. Internal Revenue Service (IRS); and (7) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Follow us for updates on LinkedIn, Twitter, or Facebook.
If you purchased or otherwise acquired Amgen common stock during the Class Period, you may move the Court no later than May 12, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230316005667/en/
Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, CA 90067