Amgen facing class action suit over owing more than $10B in back taxes and penalties
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A pension fund has filed a class action suit against Amgen (NASDAQ:AMGN) accusing the biotech giant of owing more than $10B in back taxes and interest -- and withholding this information from investors.
The suit accuses Amgen (AMGN) of violating securities laws by making false and/or misleading statements and/or failing to disclose the tax liabilities.

It alleges that the company was told by the IRS in 2017 that it owed $3.6B in back taxes covering 2010 to 2012. In 2020, the agency said it owed another $5.1B for 2013 to 2015.
However, the suit alleges that the $5.1B tax hook wasn't disclosed to investors until April 2022, and by that time, the IRS had proposed a $2B penalty for nonpayment.
In August 2021, the $3.6B in back taxes, plus interest, was divulged to Amgen (AMGN) investors, causing its stock price to fall 6% that day.

The case is Roofers Local No. 149 Pension Fund v. Amgen Inc., No. 23-cv-02138, filed in the U.S. District Court for the Southern District of New York.