| COMPANY |
Amgen Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
23-cv-02138 |
| JUDGE |
The Hon. Edgardo Ramos |
| CLASS PERIOD |
July 29, 2020 and April 27, 2022 |
| SECURITY TYPE |
Common Stock |
Case Background:
This is a class action lawsuit on behalf of those who purchased or acquired Amgen Inc. (“Amgen”) (NASDAQ: AMGN) common stock between July 29, 2020 and April 27, 2022, both dates inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose 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 SEC filings; and (6) Amgen’s refusal to pay taxes claimed by the U.S. government exposed Amgen to a substantial risk of severe financial penalties imposed by the IRS.
Current Status of Case:
On November 6, 2023, Defendant filed a Motion to Dismiss the Amended Complaint. The Court entered an Order denying Defendants’ Motion to Dismiss on September 30, 2024. On November 20, 2024, the Defendants filed an Answer to the Amended Complaint. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.