NEW YORK, June 23, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) reminds investors that a complaint has been filed on behalf of investors who purchased or otherwise acquired Icahn Enterprises L.P. (“Icahn Enterprises” or the “Company”) (NASDAQ: IEP) securities between August 2, 2018 and May 9, 2023. Inclusive (the “Class Period”). Click Here to Join Investigation.
If you acquired Icahn Enterprises securities during the Class Period and would like to discuss this case, please click here or contact us by emailing jcampisi@kaplanfox.com or by calling (212) 329-8571.
If you are a member of the proposed Class, you may move the court no later than July 10, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
On May 2, 2023, Hindenburg Research published a report (the “Hindenburg Report”) about Icahn Enterprises stating, among other things, that “[o]ur research has found that IEP units are inflated by 75%” and that “[t]he dividend is entirely unsupported by IEP’s cash flow and investment performance, which has been negative for years.” Further, the Hindenburg Report referred to Icahn Enterprises as a “ponzi-like” economic structure.
On May 2, 2023, Icahn Enterprises shares fell $10.06 per share, about 20%, to close at $40.36 per share. Shares declined again the next trading day by 19.3% to close at $32.57 per share on May 3, 2023.
On May 10, 2023, Icahn Enterprises filed its quarterly report on Form 10-Q in which the Company disclosed that “[t]he U.S. Attorney’s office for the Southern District of New York contacted Icahn Enterprises L.P. on May 3, 2023 seeking production of information relating to it and certain of its affiliates’ corporate governance, capitalization, securities offerings, dividends, valuation, marketing materials, due diligence and other materials.” On May 10, following this disclosure The Wall Street Journal published an article entitled “Icahn, Under Federal Investigation, Blasts Short Seller,” in which it reported that the day after publication of the Hindenburg Report “the U.S. Attorney’s Office for the Southern District of New York contacted Icahn Enterprises asking for information….”
Also, on May 10, 2023, Icahn Enterprises reported its first quarter 2023 financial results, including a $270 million loss for the quarter compared to a profit of $323 million in the same period of the prior year. In connection with these results, The Wall Street Journal reported that the Company “wrote down the value of one of the holdings that Hindenburg highlighted in its report as overvalued” and that “[i]n its filings, Icahn acknowledged that its auto-parts division filed for Chapter 11 bankruptcy at the end of January” although “[i]n March, Icahn reported that the auto-parts division at the end of the year was worth $381 million.”
Following this news, on May 10, 2023 Icahn Enterprises shares fell $5.92 per share, or 15.59%, to close at $32.05 per share.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(212) 329-8571
E-mail: jcampisi@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
