Life Science News

Amgen Shareholder Action Reminder

Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Amgen To Contact Him Directly To Discuss Their Options

Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Amgen, Inc. ("Amgen" or the "Company") (NASDAQ: AMGN) and reminds investors of the May 12, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you suffered losses exceeding $100,000 investing in Amgen stock or options between July 29, 2020 and April 27, 2022 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/AMGN.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/6455/158741_ef096e3964ae58d0_001full.jpg

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.

As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the U.S. government claimed Amgen owed more than $3 billion in back taxes for tax years 2010, 2011, and 2012; (2) the U.S. government claimed Amgen owed more than $5 billion in back taxes for tax years 2013, 2014, and 2015; (3) the U.S. government would likely claim Amgen owed materially more to the U.S. government than investors had been led to believe for subsequent tax years for which Amgen had used the same profit allocation treatment between its U.S. and Puerto Rico operations; (4) Amgen had not taken sufficient accruals to account for its outstanding tax liabilities; (5) Amgen had failed to comply with ASC 450 and other rules and regulations regarding the preparation of its periodic U.S. Securities and Exchange Commission filings; and (6) Amgen's refusal to pay taxes claimed by the U.S. government exposed Amgen to a substantial risk of severe financial penalties imposed by the U.S. Internal Revenue Service ("IRS").

On August 3, 2021, Amgen issued an earnings release for its second fiscal quarter of 2021, which, for the first time, disclosed 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. On 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. On this news, the price of Amgen common stock fell by an additional 4.3%, further damaging investors.

Amgen has additionally disclosed that it is under examination by the IRS for the years 2016 to 2018 for similar issues as the prior Notices of Deficiency for years 2010 to 2015, as well as examination by various state and foreign tax jurisdictions. Amgen has also admitted that "the ultimate outcome of any tax matters may result in payments substantially greater than amounts accrued and could have a material adverse effect on the results of our operations."

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Amgen's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/158741

News Provided by Newsfile via QuoteMedia

AMGN
The Conversation (0)
bctx stock

BriaCell Appoints Renowned Pharmaceutical Veteran Jane Gross, Ph.D. to its Board of Directors

BriaCell Therapeutics Corp. (Nasdaq: BCTX, BCTXW) (TSX-V:BCT) ("BriaCell" or the "Company") a clinical-stage biotechnology company specializing in targeted immunotherapies for advanced breast cancer and other cancers, is pleased to welcome the appointment of Jane Gross, Ph.D. to its Board of Directors.

Dr. Jane Gross is a highly experienced biotech executive with over 30 years in leading research and development teams from discovery through preclinical evaluation and clinical development of therapeutics for the treatment of cancer and autoimmune and inflammatory diseases. Dr. Gross currently serves as an Independent Director for aTyr Pharmaceuticals (Nasdaq: LIFE), a biotechnology company developing novel therapeutics for respiratory diseases and multiple cancer indications.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Esperion Stock Increases After Investors Learn of Short FDA Approval Process

Esperion Therapeutics (NASDAQ:ESPR) shares increased by more than 10% after investors learned that the FDA will not require a long-term outcomes study prior to its potential approval of the company’s cholesterol-lowering drug.
According to Fierce Biotech:

Investors and analysts have been fretting over exactly what the FDA will do with ETC-1002, an LDL-lowering pill that is angling for a share of a blockbuster market many believe lies in wait for a new class of PCSK9 drugs. While the oral ETC-1002 may not be as effective as the PCSK9 drugs, including the newly-approved Praluent from Regeneron ($REGN) and Sanofi ($SNY) as well as a rival Amgen ($AMGN) drug, it also has a shot at grabbing a significant share of the market with a less expensive and more easily managed drug that could do everything many patients in this huge market require.
Overhanging all of these drugs has been a persistent fear that regulators would require a long-running cardiovascular outcomes trial to prove the therapy works as expected in improving patients’ health. But according to Esperion, the agency says it’s ready to give it a green light for a relatively narrow market–which still amounts to a patient pool of 9 million people–and then hold back on a broader approval until after the CVOT data comes in later.

Keep reading...Show less

Bristol Myers Squibb Receives Positive CHMP Opinion for CAR T Cell Therapy Breyanzi for Relapsed or Refractory Large B-cell Lymphoma After One Prior Therapy

Recommendation for approval based on Phase 3 TRANSFORM study, supporting the potential of Breyanzi in earlier lines of therapy in this patient population

Bristol Myers Squibb (NYSE: BMY) today announced the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has recommended approval of Breyanzi (lisocabtagene maraleucel) for the treatment of adult patients with diffuse large B-cell lymphoma (DLBCL), high grade B-cell lymphoma (HGBCL), primary mediastinal large B-cell lymphoma (PMBCL) and follicular lymphoma grade 3B (FL3B), who relapsed within 12 months from completion of, or are refractory to, first-line chemoimmunotherapy.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
laboratory workers

Top 3 Canadian Biotech Stocks of 2023

Although it’s not as large as the US biotech industry, the Canadian biotech market is still making a name for itself on the global stage in terms of size and opportunities for life science investors.

In recent years, tech advancements in drug research and development have helped the biotech sector worldwide become an industry capable of providing returns for investors. Looking specifically at Canada, in 2021, the country's government committed to investing C$2.2 billion over seven years toward “growing a strong, competitive biomanufacturing and life sciences sector” through a strategy that includes “foster(ing) the growth of Canadian life sciences firms.”

Canada’s biotechnology industry is supported by a large network of research hospitals, universities and laboratories. “In addition to existing biomanufacturing and vaccine development capacity, Canada has many strategic core competencies including regenerative medicine, artificial intelligence in the field of drug discovery and development, vaccines, clinical trial expertise and genomics,” Andrew Casey, president and CEO of BIOTECanada, wrote in an op-ed.

Keep reading...Show less

Neoadjuvant Opdivo with Chemotherapy Demonstrates Long-Term, Durable Clinical Benefits for Patients with Resectable Non-Small Cell Lung Cancer at Three Years in the CheckMate -816 Trial

Data to be featured in proffered paper oral session at ELCC 2023 show Opdivo and chemotherapy administered before surgery reduced the risk of disease recurrence, progression or death by 32% after three years of follow up

Updated results demonstrate long-term improvements in event-free survival and time to distant metastasis, as well as an encouraging trend toward overall survival, with neoadjuvant Opdivo and chemotherapy compared to chemotherapy alone

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
BriaCell Announces Intention to Spin-Out Certain Pre-Clinical Assets into a Newly Created "SpinCo" Entity whereby Shareholders to Receive One New Share of "SpinCo" in Addition to Each Current Share of BriaCell Already Held

BriaCell Announces Intention to Spin-Out Certain Pre-Clinical Assets into a Newly Created "SpinCo" Entity whereby Shareholders to Receive One New Share of "SpinCo" in Addition to Each Current Share of BriaCell Already Held

  • SpinCo Assets (SpinCo) includes Bria-TILsRx™, and protein kinase C delta (PKCδ) inhibitors for multiple indications including cancer.
  • SpinCo's goal is to potentially accelerate the development of its assets, and to create value.

briacell therapeutics corp. (Nasdaq: BCTX, BCTXW) (TSX: BCT) ("BriaCell" or the "Company"), a clinical-stage biotechnology company specializing in targeted immunotherapies for cancer, announces today that its Board of Directors has unanimously approved a potential reorganization (the "Transaction") that would result in the spin-out of certain pre-clinical pipeline assets of the Company, specifically Bria-TILsRx™, and PKCδ inhibitors for multiple indications including cancer (collectively, the "SpinCo Assets") to an unlisted corporation to own the SpinCo Assets ("SpinCo"). On closing of the Transaction, it is anticipated that the SpinCo Assets will be majority-owned, controlled, and governed by BriaCell and owned by BriaCell shareholders of record who will receive SpinCo Shares as defined herein.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Allergan Aesthetics* to showcase 360° approach to clinical practice, aesthetic products, and patients with expert-led symposia at AMWC 2023

-- 'Discover Your 360°' immersive experience to feature across Allergan Aesthetics events, supporting customers with all aspects of their Practice, Product and Patient needs --

-- Two expert-led Allergan Medical Institute (AMI) symposia to discuss a 360° approach to consultation and treatment, featuring live injection sessions with Dr.Mauricio de Maio and Dr. Sylwia Lipko-Godlewska

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
Cardiol Therapeutics Announces Year-End 2022 Update on Operations

Cardiol Therapeutics Announces Year-End 2022 Update on Operations

  • Initiated patient enrollment in a Phase II open-label clinical trial investigating the safety, tolerability, and efficacy of CardiolRx™ in patients with recurrent pericarditis - a debilitating heart disease associated with chest pain, shortness of breath and fatigue, resulting in markedly reduced quality of life, emergency department visits, and hospitalizations
  • Initiated patient enrollment in the ARCHER Trial - a Phase II multi-national, randomized, placebo-controlled clinical trial evaluating the safety and efficacy of CardiolRx™ in patients with acute myocarditis, an important cause of acute and sudden heart failure in young adults and a leading cause of sudden cardiac death in people less than 35 years of age
  • Data presented at the late-breaking scientific sessions of The American Heart Association 2022 demonstrating the cardioprotective effects of CardiolRx™ in a model of acute pericarditis
  • Pre-clinical study results presented at The Annual Scientific Meeting of the Heart Failure Society of America demonstrating CardiolRx™ inhibits and promotes reversal mechanisms leading to cardiac fibrosis
  • Made key appointments to the Board of Directors, adding extensive and diversified experience to provide additional independent guidance and stewardship to oversee the Company's continued growth and development
  • Appointed thought leaders in cardiovascular medicine to its Scientific Advisory Board
  • Cash and cash equivalents of $59.5 million as of December 31, 2022, providing capital to achieve corporate milestones and fund operations into 2026

Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) ("Cardiol" or the "Company"), a clinical-stage life sciences company focused on the research and clinical development of anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease, today announces its year-end 2022 update on operations following the filing of its audited Financial Statements and Management's Discussion and Analysis for the year ended December 31, 2022. Both are available under the Company's profile on SEDAR at sedar.com and on the Company's website at cardiolrx.com.

"In 2022, Cardiol made important progress with the development of CardiolRx, our lead drug candidate for the treatment of inflammation and fibrosis in heart disease. We initiated the ARCHER trial, a multi-national clinical study in acute myocarditis, that is one of the largest company-sponsored clinical trials to be undertaken in this underserved condition in over 30 years. Our research collaborators presented compelling evidence at The American Heart Association demonstrating the ability of CardiolRx to confer cardioprotective effects in a model of recurrent pericarditis. This presentation was followed by the initiation of our U.S. Phase II open-label pilot study in patients with recurrent pericarditis at the renowned Cleveland Clinic and Mayo Clinic sites," said David Elsley, President and Chief Executive Officer of Cardiol Therapeutics. "These clinical advancements have been complemented with important basic science initiatives that have furthered our understanding of CardiolRx's mode of action in inflammatory heart disease. In conjunction with our strong financial position, with cash to achieve our corporate milestones and fund operations into 2026, we are well-positioned to pursue our objective of developing new treatment options to improve the health and quality of life for patients living with debilitating forms of heart disease."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×