NEW YORK (Reuters) – A federal judge said Amgen must face a proposed class action accusing the drugmaker of waiting too long to tell shareholders it might owe the Internal Revenue Service $10.7 billion in taxes and penalties.
U.S. District Judge John Cronan in Manhattan ruled on Monday that shareholders plausibly alleged they were misled by Amgen’s concealing the true extent of its potential liability, and that the omission was “reckless” under the circumstances.
(Reporting by Jonathan Stempel in New York; Editing by Leslie Adler)