San Diego, CA -- (SBWire) -- 05/23/2023 --An investor, who purchased shares of Icahn Enterprises L.P. (NASDAQ: IEP), filed a lawsuit over alleged violations of Federal Securities Laws by Icahn Enterprises L.P.
Investors who purchased shares of Icahn Enterprises L.P. (NASDAQ: IEP) have certain options and for certain investors are short and strict deadlines running. Deadline: July 10, 2023. NASDAQ: IEP investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Sunny Isles Beach, FL based Icahn Enterprises L.P., through its subsidiaries, operates in investment, energy, automotive, food packaging, real estate, home fashion, and pharma businesses in the United States and Internationally.
On May 2, 2023, Hindenburg Research released a report outlining its concerns regarding Icahn Enterprises L.P.. The firm alleges that Icahn Enterprises L.P. units are inflated by up to 75% stating, "(1) IEP trades at a 218% premium to its last reported net asset value (NAV), vastly higher than all comparables (2) we've uncovered clear evidence of inflated valuation marks for IEP's less liquid and private assets (3) the company has suffered additional performance losses year to date following its last disclosure."
Shares of Icahn Enterprises L.P. (NASDAQ: IEP) declined from $51.34 per share on May 1, 2023 to as low as $28.29 per share on May 04, 2023.
On May 10, 2023, before the market opened, Icahn Enterprises L.P. 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 L.P. claimed it is "cooperating with the request" and is "providing documents in response to the voluntary request for information."
The plaintiff claims that between August 2, 2018 and May 9, 2023, the Defendants failed to disclose to investors that Icahn Enterprises was inflating its net asset value, that the Company was using money taken in from new investors to pay out dividends to old investors, that, as a result, the Company would become the subject of criminal and/or regulatory scrutiny, and that 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.
Those who purchased shares of Icahn Enterprises L.P. (NASDAQ: IEP) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Icahn Enterprises L.P. (NASDAQ:IEP) Investor Notice: Lawsuit Alleges Securities Laws Violations
A lawsuit was filed on behalf of investors in Icahn Enterprises L.P. (NASDAQ:IEP) shares over alleged securities laws violations.