ICAHN ENTERPRISES SHAREHOLDER ACTION REMINDER : Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Icahn Enterprises To Contact Him Directly To Discuss Their Options

PR Newswire
Saturday, June 10, 2023 at 11:00am UTC

ICAHN ENTERPRISES SHAREHOLDER ACTION REMINDER : Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Icahn Enterprises To Contact Him Directly To Discuss Their Options

PR Newswire

NEW YORK, June 10, 2023 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Icahn Enterprises L.P. ("Icahn Enterprises" or the "Company") (NASDAQ: IEP) and 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 suffered losses exceeding $100,000 investing in Icahn Enterprises stock or options between August 2, 2018 and May 9, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/IEP.

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Icahn Enterprises was inflating its net asset value; (2) that the Company was using money taken in from new investors to pay out dividends to old investors; (3) that, as a result, the Company would become the subject of criminal and/or regulatory scrutiny; and (4) that as a result of the foregoing, Defendant's positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On May 2, 2023, well-known short-seller Hindenburg Research issued an investigative report on Icahn Enterprises L.P., the "~$18 billion market cap holding company run by corporate raider and activist investor Carl Icahn, who, along with his son Brett, own 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 U.S. large cap company by far, with the next closest at ~9.9%," and alleges that "the dividend is entirely unsupported by IEP's cash flow and investment performance, which has been negative for years."

Hindenburg "estimate[s] that IEP's last reported indicative year-end NAV of $5.6 billion is inflated by at least 22%, due to a combination of overly aggressive marks on IEP's less liquid/private investments and continued year to date underperformance."

Shares of Icahn Enterprises L.P. dropped by more than 20% in intraday trading on May 2, 2023.

Then, on May 10, 2023, The Wall Street Journal released an article entitled "Icahn Enterprises Under Federal Investigation." The article stated, in pertinent part, "federal prosecutors opened an inquiry into Carl Icahn's investment company, the day after the Hindenburg Research report said the firm was inflating the value of its assets." The article reported that the day after the Hindenburg Research report was released, the U.S. Attorney's Office for the Southern District of New York contacted Icahn Enterprises asking for information about corporate governance, dividends and other topics."

On this news, Icahn Enterprise shares went down by 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 who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding Telephone & Data Systems' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

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SOURCE Faruqi & Faruqi, LLP