SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Icahn Enterprises L.P. (NASDAQ: IEP) securities between August 2, 2018 and May 9, 2023, inclusive (the “Class Period”) have until July 10, 2023 to seek appointment as lead plaintiff of the Icahn Enterprises class action lawsuit. Captioned Okaro v. Icahn Enterprises L.P., No. 23-cv-21773 (S.D. Fla.), the Icahn Enterprises class action lawsuit charges Icahn Enterprises, Carl C. Icahn, and other top executives with violations of the Securities Exchange Act of 1934.
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CASE ALLEGATIONS: Icahn Enterprises is a master limited partnership holding company owning subsidiaries engaged in several business segments, including: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma.
The Icahn Enterprises class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Icahn Enterprises was inflating its net asset value; (ii) Icahn Enterprises was using money taken in from new investors to pay out dividends to old investors; and (iii) as a result, Icahn Enterprises 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 Icahn Enterprises 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, the price of Icahn Enterprises shares declined nearly 20%.
Then, on May 10, 2023, Icahn Enterprises revealed 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 Icahn Enterprises and certain of its affiliates’ “corporate governance, capitalization, securities offerings, dividends, valuation, marketing materials, due diligence and other materials.” Icahn Enterprises claimed it is “cooperating with the request” and is “providing documents in response to the voluntary request for information.” Icahn Enterprises further reported that it was taking a $226 million charge related to Auto Plus, which Hindenburg Research had identified as an overvalued holding. On this news, the price of Icahn Enterprises shares declined more than 15%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Icahn Enterprises securities during the Class Period to seek appointment as lead plaintiff of the Icahn Enterprises class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Icahn Enterprises class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Icahn Enterprises class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Icahn Enterprises class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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