WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Icahn Enterprises L.P. (NASDAQ: IEP) resulting from allegations that Icahn Enterprises may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Icahn Enterprises securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=16028 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email email@example.com or firstname.lastname@example.org for information on the class action.
WHAT IS THIS ABOUT: On May 2, 2023, before the market opened, the market analyst and investment firm Hindenburg Research released a report entitled “Icahn Enterprises: The Corporate Raider Throwing Stones From His Own Glass House.” The report alleged, in part, that Icahn Enterprises has improperly overvalued its assets, and that “Icahn has been using money taken in from new investors to pay out dividends to old investors. Such ponzi-like economic structures are sustainable only to the extent that new money is willing to risk being the last one ‘holding the bag.’”
On this news, Icahn Enterprises stock declined from a closing price of $50.42 per share on May 1, 2023 to a closing price of $40.36 on May 2, 2023, a 20% decline. It then declined to a closing price of $32.57 on May 3, 2023, a further 19.3% decline.
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.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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