SAN FRANCISCO--(BUSINESS WIRE)--National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in Icahn Enterprises L.P. (“Icahn Enterprises” or the “Company”) who suffered losses from purchasing Icahn Enterprises securities (NASDAQ: IEP) between August 2, 2018 and May 9, 2023 to contact us immediately regarding pending securities fraud class action against Icahn Enterprises. The deadline to apply to be a lead plaintiff is July 10, 2023.
Class Period: August 2, 2018 – May 9, 2023
Lead Plaintiff Motion Deadline: July 10, 2023
Case information: lieffcabraser.com/securities/IcahnEnterprises
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Icahn Enterprises is a master limited partnership holding company that owns subsidiaries engaged in a variety of business sectors. Defendant Carl C. Icahn (“Icahn”) and his affiliates owned approximately 85% of the depositary units in Icahn Enterprises as of December 31, 2022.
The action alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) Icahn Enterprises artificially inflated its net asset value; (2) the Company funded dividends paid to old investors with money from new investors; and (3) Icahn Enterprises was likely to become subject of criminal and/or regulatory scrutiny.
On May 2, 2023, Hindenburg Research published a report alleging that Icahn Enterprises inflated its 2022 year-end net asset value by at least 22%. The report also claimed that Icahn Enterprises operated like a ponzi scheme by using money taken from new investors to pay out dividends to old investors. On this news, the price of Icahn Enterprises depositary units fell $10.06, or 19.95%, to close at $40.36 per share on May 2, 2023.
On May 10, 2023, Icahn Enterprises filed a Form 10-Q with the Securities and Exchange Commission for the quarter ended March 31, 2023 that disclosed that the U.S. Attorney’s office for the Southern District of New York requested information from Icahn Enterprises relating to its “corporate governance, capitalization, securities offerings, dividends, valuation, marketing materials, due diligence and other materials.” On this news, the price of Icahn Enterprises depositary units fell $5.75, or 15.14%, to close at $32.22 per share on May 10, 2023.
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Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.