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Newsfile 25-May-2023 10:05 AM
Philadelphia, Pennsylvania--(Newsfile Corp. - May 25, 2023) - Berger Montague advises investors that a securities fraud class action lawsuit has been filed against Icahn Enterprises L.P. ("Icahn Enterprises") (NASDAQ:IEP) on behalf of those who purchased Icahn Enterprises securities between August 2, 2018 and May 9, 2023, inclusive (the "Class Period").
Investor Deadline: Investors who purchased or acquired Icahn Enterprises securities during the Class Period may, no later than July 10, 2023, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at firstname.lastname@example.org or (267) 637-3176, or Andrew Abramowitz at email@example.com or (215) 875-3015 or visit: https://investigations.bergermontague.com/icahn-enterprises/
Icahn Enterprises is a master limited partnership holding company owning subsidiaries engaged in the following businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.
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." 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 a Form 10-Q with the SEC for the period ended March 31, 2023. Therein, Icahn Enterprises 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 it 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, the defendants failed to disclose to investors that: (1) Icahn Enterprises was inflating its net asset value; (2) Icahn Enterprises was using money taken in from new investors to pay out dividends to old investors; (3) as a result, Icahn Enterprises would become the subject of criminal and/or regulatory scrutiny; and (4) as a result of the foregoing, the defendant's positive statements about Icahn Enterprises' business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. 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.
Whistleblowers: Anyone with non-public information regarding Icahn is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., San Diego, San Francisco, Chicago, and Toronto has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
James Maro, Senior Counsel
Andrew Abramowitz, Senior Counsel
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/167427