The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against Amgen Inc. (“Amgen”) (NASDAQ: AMGN). The action charges Amgen with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Amgen’s materially misleading statements and omissions to the public, Amgen’s investors have suffered significant losses.
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LEAD PLAINTIFF DEADLINE: MAY 12, 2023
CLASS PERIOD: JULY 29, 2020 THROUGH APRIL 27, 2022
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
AMGEN’S ALLEGED MISCONDUCT
On July 29, 2020, Amgen filed its 10-Q with the SEC wherein it noted the company’s ongoing tax dispute the U.S. government but assured investors that existing accruals were “appropriate” and did not disclose any meaningful accrual for tax liabilities associated with this ongoing tax dispute.
Then, on August 3, 2021, Amgen disclosed, for the first time, massive outstanding tax liabilities sought by the IRS. The release stated that Amgen had received a Notice of Deficiency from the IRS in July 2021 which sought $3.6 billion in back taxes, plus interest, for tax years 2010, 2011, and 2012. Following this news, the price of Amgen common stock fell by more than 6%.
Then, on April 27, 2022, Amgen issued an earnings release for its first fiscal quarter of 2022, which disclosed that Amgen 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.
Following this news, the price of Amgen common stock fell by an additional 4.3%, to close at $238.13 on April 28, 2022.
WHAT CAN I DO?
Amgen investors may, no later than May 12, 2023, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Amgen investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Amgen, Roofers Local No. 149 Pension Fund v. Amgen Inc., et al. Case No. 23-cv-02138, is filed in the United States District Court for the Southern District of New York before the Honorable Edgardo Ramos.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.