Amgen Reportedly to Pay $74 Million to Settle Shareholder Suit Over Delayed IRS Tax Disclosure

MT Newswires Live07-22

Amgen (AMGN) agreed to pay $74 million to settle a shareholder lawsuit alleging the company waited too long to disclose it may owe the Internal Revenue Service $10.7 billion in back taxes, penalties and interest, news outlets reported Tuesday.

The preliminary settlement, filed Monday in federal court in Manhattan, requires court approval, Reuters reported. Shareholders alleged Amgen's delayed disclosures caused its stock price to fall on dates in August 2021 and April 2022.

Amgen continues to view the claims as meritless, and the settlement does not amount to an admission of liability or wrongdoing, Fierce Pharma reported, citing a company spokesperson.

Amgen didn't immediately respond to a request for comment from MT Newswires.

Price: 370.10, Change: +3.86, Percent Change: +1.05

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