Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, June 30, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Icahn Enterprises L.P. (NASDAQ: IEP), investors that a lawsuit filed on behalf of investors that purchased Icahn securities (NASDAQ: IEP) between August 2, 2018 and May 9, 2023, both dates inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
According to the allegations made in the complaint, on May 2, 2023, Hindenburg Research released a report containing various claims, one of which suggested that Icahn Enterprises' reported net asset value of $5.6 billion at the end of the year was inflated by a minimum of 22%. The report further accused the company of operating a "ponzi-like economic structure" and using funds from new investors to pay dividends to existing investors. As a result, Icahn Enterprises' stock price experienced a decline of $10.06 per share, equivalent to a 20% decrease, closing at $40.36 per share on May 2, 2023. Subsequently, on May 10, 2023, Icahn Enterprises filed its Quarterly Report on Form 10-Q with the Securities and Exchange Commission (SEC) for the period ending March 31, 2023. In the report, the company disclosed that the U.S. Attorney's office for the Southern District of New York had contacted Icahn Enterprises on May 3, 2023, requesting the submission of information related to the company and certain affiliates. The information sought encompassed areas such as corporate governance, capitalization, securities offerings, dividends, valuation, marketing materials, due diligence, and other relevant documents. Icahn Enterprises stated its cooperation with the request and its willingness to provide the requested information on a voluntary basis. Consequently, the company's stock price fell $5.75 per share, or approximately 15.1%, closing at $32.22 per share on May 10, 2023.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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