GlaxoSmithKline Shares Slump

GlaxoSmithKline said the IRS assessment, delivered to the company last month, is part of a long-running dispute between American and British tax authorities governing the activity of multinational companies. GlaxoSmithKline said negotiations on this matter between the two nations broke down in July. The company said it has failed in all administrative appeals, so it plans to file a petition in U.S. Tax Court in 2005 or 2006.