April 30, 2023 3:47 PM | 2 min read
New York, New York–(Newsfile Corp. – April 30, 2023) – Pomerantz LLP is investigating claims on behalf of investors of Amgen Inc. (“Amgen” or the “Company”) (NASDAQ:AMGN). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Amgen and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On April 27, 2022, Amgen issued an earnings release for its first fiscal quarter of 2022, which disclosed that the Company 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. Thus, the collective amount that the IRS claimed was owed by the Company to the U.S. government totaled more than $10 billion – far higher than investors had been led to believe – likely in addition to significant back taxes owed for subsequent tax years for which Amgen had applied the same profit allocation treatment between its U.S. and Puerto Rico operations. The release also stated that Amgen intended to file a petition in the U.S. Tax Court to contest the Notice of Deficiency, which it would seek to consolidate with its pending petition for earlier tax years.
On this news, Amgen’s stock price fell $10.66 per share, or 4.28%, to close at $238.13 per share on April 28, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/164298
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