Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Icahn Enterprises To Contact Him Directly To Discuss Their Options
New York, New York--(Newsfile Corp. - May 22, 2023) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Icahn Enterprises L.P. ("Icahn Enterprises" or the "Company") (NASDAQ: IEP).
If you suffered losses exceeding $50,000 investing in Icahn Enterprises stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/IEP.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
On May 2, 2023, well-known short-seller Hindenburg Research issued an investigative report on Icahn Enterprises L.P., the "~$18 billion market cap holding company run by corporate raider and activist investor Carl Icahn, who, along with his son Brett, own approximately 85% of the company." The Hindenburg report states that "Icahn Enterprises' current dividend yield is ~15.8%, making it the highest dividend yield of any U.S. large cap company by far, with the next closest at ~9.9%," and alleges that "the dividend is entirely unsupported by IEP's cash flow and investment performance, which has been negative for years."
Hindenburg "estimate[s] that IEP's last reported indicative year-end NAV of $5.6 billion is inflated by at least 22%, due to a combination of overly aggressive marks on IEP's less liquid/private investments and continued year to date underperformance."
Shares of Icahn Enterprises L.P. dropped by more than 20% in intraday trading on May 2, 2023.
Then, on May 10, 2023, The Wall Street Journal released an article entitled "Icahn Enterprises Under Federal Investigation." The article stated, in pertinent part, "federal prosecutors opened an inquiry into Carl Icahn's investment company, the day after the Hindenburg Research report said the firm was inflating the value of its assets." The article reported that the day after the Hindenburg Research report was released, the U.S. Attorney's Office for the Southern District of New York contacted Icahn Enterprises asking for information about corporate governance, dividends and other topics."
On this news, Icahn Enterprise shares went down by as much as 19% in intraday trading on May 10, 2023.
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