Did you lose money on investments in Icahn Enterprises? If so, please visit Icahn Enterprises L.P. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, May 15, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Icahn Enterprises L.P. (“Icahn Enterprises” or the “Company”) (NASDAQ: IEP) between August 2, 2018 and May 9, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of Florida and alleges violations of the Securities Exchange Act of 1934.
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. Defendant Carl C. Icahn (“Icahn”) and his affiliates owned approximately 85% of Icahn Enterprises’ outstanding depositary units as of December 31, 2022.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (1) Icahn Enterprises was inflating its net asset value; (2) the Company was using money taken in from new investors to pay out dividends to old investors; and (3) as a result, the Company would become the subject of criminal and/or regulatory scrutiny.
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, before the market opened, 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.
If you wish to serve as lead plaintiff, you must move the Court no later than July 10, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Icahn Enterprises securities, and/or would like to discuss your legal rights and options please visit Icahn Enterprises L.P. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
