Lawsuit Over Amgen’s Delayed Disclosure of Tax Bill Can Proceed

A pension fund’s lawsuit against pharmaceutical giant Amgen Inc. can go forward after a federal district judge denied on Monday the company’s motion to dismiss the case.

The fund claimed in March 2023 that Amgen misled investors by waiting too long to reveal that the Internal Revenue Service was seeking $10.7 billion in unpaid taxes and penalties. The lawsuit was filed by Roofers Local No. 149 Pension Fund.

The IRS has accused Amgen of shifting its drug profits to a subsidiary in Puerto Rico through transfer pricing to lower its tax bill. Transfer pricing involves transactions between related companies ...