Bloomberg Law
March 14, 2023, 2:20 AM

Amgen Sued for Failing to Timely Disclose $10 Billion Tax Bill

Robert Burnson
Robert Burnson
Bloomberg News

Amgen Inc. misled investors about its financial health by failing to reveal that it may be on the hook for more than $10 billion in back taxes and penalties, a pension fund claimed in a lawsuit.

The Internal Revenue Service notified the pharmaceutical giant in 2017 that it owed $3.6 billion in back taxes for the years 2010 to 2012 and demanded $5.1 billion more for the years 2013 to 2015 in 2020, according to the proposed class-action lawsuit filed Monday in Manhattan federal court.

Under federal rules, publicly traded companies are required to disclose adverse financial situations to investors. ...