Amgen has agreed to pay $74 million to resolve a shareholder class action in the Southern District of New York alleging the company waited too long to disclose a potential IRS tax exposure that plaintiffs said totaled $10.7 billion. The settlement is preliminary and still must be approved by the court, but it is already notable as a significant recent securities case resolution involving disclosure timing rather than an underlying product, accounting, or operational event.

The suit centered on a familiar securities-law theory: investors claimed they were not given timely and accurate information about a material risk facing the company.