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

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. ...