Securities litigation partner James (Josh) Wilson encourages investors who have experienced losses of more than $100,000 in Icahn companies to contact him directly to discuss their options.
NEW YORK, NY – (Newsfile Corp. – May 14, 2023) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Icahn Enterprises LP (“Icahn Enterprises” or the “Company”) IEP He reminds investors of the July 10, 2023 deadline to seek the role of lead plaintiff in a Federal Securities Class action that has been filed against the company.
If you have incurred losses in excess of $100,000 from investing in Icahn Enterprises stock or options between August 2, 2018, and May 9, 2023 and wish to discuss your legal rights, contact a Faruqi & Faruqi partner Josh Wilson directly in 4292-247-877 or 212-983-9330 (Ext. 1310). It is possible for you too Click here for additional information: www.faruqilaw.com/IEP.
There is no cost or obligation to you.
Farooqi & Farooqi is a leading national minority and women-owned securities law firm with offices in New York, Pennsylvania, California and Georgia.
The complaint filed in this class action alleges that throughout the course of the class action, the Defendants made materially false and/or misleading statements, as well as failed to disclose materially adverse facts about the Company’s business, operations, and prospects. Specifically, the defendants failed to disclose to investors: (1) that Icahn Enterprises was inflating its net asset value; (ii) that the company was using money taken from new investors to pay dividends to old investors; (iii) that as a result, the Company will become the subject of criminal and/or regulatory scrutiny; and (iv) that as a result of the foregoing, Defendant’s positive statements regarding the Company’s business, operations, and prospects were materially misleading and/or lacked reasonable basis.
On May 2, 2023, short-seller Hindenburg Research released an investigative report on Icahn Enterprises LP, “a holding company with a market capitalization of approximately $18 billion run by activist investor and institutional venture capitalist Carl Icahn, who, along with his son Brett owns approximately 85% of the company. The Hindenburg report states that “Icahn Enterprises’ current dividend yield is 15.8%, making it the highest dividend yield of any large US company by far, with the next closest yield at around 9.9%,” and claims that “the dividend yield is not entirely supported by cash flow.” For IEP performance and investment performance, which has been negative for years.”
Hindenburg[s] The IEP’s latest reported year-end net asset value of $5.6 billion inflated at least 22%, due to a combination of very aggressive signs on IEP’s less liquid/private investments and continued weak year-to-date performance.”
Shares of Icahn Enterprises LP are down more than 20% in intraday trading on May 2, 2023.
Then, on May 10, 2023, The Wall Street Journal released an article titled “Icahn Enterprises Under Federal Investigation.” The article stated, in its relevant section, “Federal prosecutors opened an investigation into Carl Icahn’s investment firm, the day after Hindenburg Research reported that the firm was inflating the value of its assets.” The article stated that the day after the Hindenburg Research Report was released, the US Attorney’s Office for the Southern District of New York contacted Icahn Enterprises and requested information about corporate governance, earnings, and other topics.
Based on this news, shares of Icahn Enterprise fell as much as 19% in intraday trading on May 10, 2023.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class and is appropriate and typical of members of the class who directs and supervises litigation on behalf of the presumptive class. A member of a presumptive class may move the court to act as lead plaintiff through counsel of his choosing, or he may choose to do nothing and remain an absentee member of the class. Your ability to participate in any recovery is not affected by the decision whether or not to act as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Icahn Enterprise’s conduct to contact the Company, including whistleblowers, former employees, shareholders, and others.
Advocate advertisement. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated in a confidential manner.
To view the source copy of this press release, please visit https://www.newsfilecorp.com/release/165929