SAN FRANCISCO, May 08, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges Icahn Enterprises L.P. (NASDAQ: IEP) investors who suffered substantial losses to submit your losses now.
Visit: www.hbsslaw.com/investor-fraud/IEP
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844-916-0895
Icahn Enterprises L.P. (IEP) Investigation:
The investigation focuses on the propriety of IEP's financial reporting, including the accuracy of its mark to market asset values.
On May 2, 2023, Hindenburg Research published a scathing report concluding that, while IEP depositary units trade at a 218% premium to its last reported net asset value (“NAV”), the units are inflated by 75% and its “dividend is entirely unsupported by IEP’s cash flow and investment performance, which has been negative for years.”
Among other things, Hindenburg accuses IEP inflating its NAV “due to a combination of overly aggressive marks on IEP’s less liquid/private investments and continued year to date underperformance.” In just one of the examples Hindenburg cites, “IEP owns 90% of a publicly traded meat packing business that it valued at $293 million at year end” while “’[t]he company had a market value of only $89 million at the time.”
In response to Hindenburg’s research, the price of IEP depositary units crashed sharply lower.
“We’re focused on investors’ losses and whether IEP may have misrepresented its dividend sustainability and asset values,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in IEP and have substantial losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding IEP should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email IEP@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
