||Icahn Enterprises L.P.
||United States District Court for the Southern District of Florida
||The Hon. Kevin Michael Moore
||August 2, 2018 and May 9, 2023
Icahn Enterprises investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than July 10, 2023 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired Icahn Enterprises L.P. ("Icahn Enterprises") (NASDAQ: IEP) securities between August 2, 2018 and May 9, 2023, both dates inclusive (the “Class Period”).
On May 2, 2023, market analyst 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.”
Following 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.” Icahn Enterprises claimed the company is “cooperating with the request” and is “providing documents in response to the voluntary request for information.”
Following 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.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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; (3) as a result, the company would become the subject of criminal and/or regulatory scrutiny; and (4) as a result of the foregoing, Defendant’s positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at email@example.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.