Robbins LLP reminds investors that a shareholder filed a class action on behalf of purchasers of Icahn Enterprises L.P. (NASDAQ: IEP) securities between August 2, 2018 and May 9, 2023. Icahn Enterprises is a master limited partnership holding company owning subsidiaries engaged in the following operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma.
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What is this Case About: Icahn Enterprises L.P. (IEP) Allegedly Operates as a Ponzi-like Economic Structure
According to the complaint, on May 2, 2023, Hindenburg Research published a report alleging, among other things, that Icahn Enterprises’ “last reported indicative year-end [net asset value] of $5.6 billion is inflated by at least 22%.” The report also claimed that the Company operates a “ponzi-like economic structure” and “has been using money taken in from new investors to pay out dividends to old investors.” On this news, Icahn Enterprises’ share price fell $10.06 per share, or 20%, to close at $40.36 per share on May 2, 2023.
Then, on May 10, 2023, Icahn Enterprises filed its Quarterly Report on Form 10-Q with the SEC for the period ended March 31, 2023. Therein, the Company stated that the U.S. Attorney’s office for the Southern District of New York contacted Icahn Enterprises on May 3, 2023, seeking production of information relating to the Company, certain of its affiliates’ “corporate governance, capitalization, securities offerings, dividends, valuation, marketing materials, due diligence and other materials.” The Company claimed it is “cooperating with the request” and is “providing documents in response to the voluntary request for information.” On this news, Icahn Enterprises’ share price fell $5.75 per share, or 15.1%, to close at $32.22 per share on May 10, 2023.
What Now: Similarly situated shareholders may be eligible to participate in the class action against Icahn Enterprises L.P. Shareholders who want to act as lead plaintiff for the class must file their papers by July 10, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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