Amgen ($AMGN) $74M Investor Settlement
Amgen has agreed to a proposed $74 million settlement to resolve investor claims that it understated the size of IRS tax claims tied to its transfer pricing practices.
Outline:
On August 3, 2021, Amgen disclosed an IRS Notice of Deficiency seeking $3.6 billion in back taxes for 2010, 2011, and 2012. On April 27, 2022, it disclosed a second IRS notice seeking $5.1 billion for 2013, 2014, and 2015, plus a proposed $2 billion penalty. The case has now moved to a proposed $74 million settlement.
Timeline:
August 3, 2021: Amgen disclosed an IRS Notice of Deficiency seeking $3.6 billion in back taxes plus interest for 2010, 2011, and 2012.
April 27, 2022: Amgen disclosed a second IRS Notice of Deficiency seeking $5.1 billion in back taxes plus interest for 2013, 2014, and 2015, along with a proposed $2 billion penalty.
March 13, 2023: The initial lawsuit was filed in federal court.
April 19, 2026: The parties participated in mediation before David Murphy.
July 20, 2026: The parties reached an agreement-in-principle to settle for $74 million.
Background:
Amgen faced tax scrutiny over transfer pricing practices tied to earlier tax years. Investors say the company did not give the market a full picture of how large the IRS claims had become.
That issue first came into focus in August 2021, when Amgen disclosed an IRS Notice of Deficiency seeking $3.6 billion in back taxes plus interest for 2010 through 2012. The disclosure raised the stakes around the company’s tax position and its prior statements to investors.
The pressure grew further in April 2022. Amgen then disclosed a second IRS Notice of Deficiency seeking $5.1 billion in back taxes plus interest for 2013 through 2015, along with a proposed $2 billion penalty.
Investors say those disclosures showed that Amgen’s tax exposure was more serious than the market had understood. The case has now moved to a proposed $74 million settlement.
What Can Investors Expect Now?
Amgen has agreed to a proposed $74 million settlement to resolve investor claims that it understated the size of IRS tax claims tied to its transfer pricing practices.
If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section.
Frequently Asked Questions
All Persons that purchased or otherwise acquired Amgen common stock during the period between July 29, 2020 and April 27, 2022, inclusive, who were damaged thereby.
No, if you have purchased securities within the class period, you are eligible to participate.
You can participate in the settlement and retain (or sell) your securities.
The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.
If you're eligible, you can file your claim directly from this case page by clicking the "Collect Payout" button.
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