Amgen Inc. is grappling with over $10 billion in back taxes claimed by the IRS, leading to substantial Notices of Deficiency for multiple tax years. The company's failure to disclose its tax liabilities has prompted a class action lawsuit from investors who purchased shares during the implicated period, highlighting severe financial repercussions for both the firm and its stakeholders. As Amgen grapples with these challenges, its stock price has taken a hit, resulting in significant losses for its investors.
“Amgen Inc. · was purchased by · investors · securities between July 29, 2020 and April 27, 2022”
“Rosen Law Firm · filed · a class action lawsuit · against Amgen”
“Amgen · owed · more than $3 billion in back taxes · for tax years 2010, 2011, and 2012”
“Amgen · owed · more than $5 billion in back taxes · for tax years 2013, 2014, and 2015”
“Amgen · had not taken · sufficient accruals · to account for its outstanding tax liabilities”
“Amgen · failed to comply with · ASC 450 and other rules and regulations · regarding the preparation of its periodic SEC filings”
“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 IRS”
“Amgen · is charged with · violations of the federal securities laws · including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects”
“Amgen’s investors · have suffered · significant losses”
“Amgen · filed its 10-Q with the SEC on · July 29, 2020”
“Amgen · did not disclose any meaningful accrual for tax liabilities · associated with ongoing tax dispute”
“Amgen · disclosed massive outstanding tax liabilities on · August 3, 2021”
