LOS ANGELES, May 2, 2023 /PRNewswire/ — The Law Offices of Frank R. Cruz announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Amgen Inc. (“Amgen” or the “Company”) (NASDAQ:AMGN).
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Class Period: July 29, 2020 – April 27, 2022
Lead Plaintiff Deadline: May 12, 2023
If you are a shareholder who suffered a loss, click here to participate.
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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 alleges that, throughout the Class Period, 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) 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 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.
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To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.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.
SOURCE The Law Offices of Frank R. Cruz, Los Angeles
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