Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against SVB, Amgen, and Signature and Encourages Investors to Contact the Firm
NEW YORK, May 08, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of SVB Financial Group (NASDAQ: SIVB, SIVBP), Amgen Inc. (NASDAQ: AMGN), and Signature Bank (NASDAQ: SBNY). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
SVB Financial Group (NASDAQ: SIVB, SIVBP)
Class Period: November 5, 2020 - March 10, 2023
Lead Plaintiff Deadline: May 12, 2023
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company failed to disclose to investors the risks resented by impending rising interest rates; (2) the Company failed to disclose to investors that, in an environment with high interest rates, it would be worse off than banks that did not cater to tech startups and venture capital-backed companies; (3) the Company failed to disclose that, if its investments were negatively affected by rising interest rates, it was particularly susceptible to a bank run; (4) as a result, Defendants' public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the SVB class action go to: https://bespc.com/cases/SIVB
Amgen Inc. (NASDAQ: AMGN)
Class Period: July 29, 2020 - April 27, 2022 (For Common Stock Only)
Lead Plaintiff Deadline: May 12, 2023
Amgen is one of the world’s largest independent biopharmaceutical companies.
The Amgen class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) the U.S. government claimed Amgen owed more than $3 billion in back taxes for tax years 2010, 2011, and 2012; (ii) the U.S. government claimed Amgen owed more than $5 billion in back taxes for tax years 2013, 2014, and 2015; (iii) 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; (iv) Amgen had not taken sufficient accruals to account for its outstanding tax liabilities; (v) 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 (vi) 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.”
For more information on the Amgen class action go to: https://bespc.com/cases/AMGN
Signature Bank (OTC: SBNY)
Class Period: April 23, 2020 - March 12, 2023
Lead Plaintiff Deadline: May 15, 2023
According to the lawsuit, throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose, among other things, that: (1) Signature Bank did not have the strong fundamentals that it represented itself as having in the days immediately prior to its takeover, or otherwise took action that left it susceptible to a takeover by the New York Department of Financial Services (“DFS”); (2) as a result, it became a target for regulatory action by the DFS, and (3) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the Signature class action go to: https://bespc.com/cases/SBNY
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.