HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Icahn Enterprises (IEP) Investors with $200k+ Losses to Contact Firm's Attorneys Before July 10th Deadline in Securities Fraud Class Action

PRESS RELEASE
Published July 7, 2023

SAN FRANCISCO, CA / ACCESSWIRE / July 7, 2023 / Hagens Berman urges Icahn Enterprises L.P. (NASDAQ:IEP) investors who suffered $200k or more in losses to submit your losses now.

Class Period: Aug. 2, 2018 - May 9, 2023

Lead Plaintiff Deadline: July 10, 2023

Visit: www.hbsslaw.com/investor-fraud/IEP

Contact An Attorney Now: IEP@hbsslaw.com

844-916-0895

Icahn Enterprises L.P. (IEP) Securities Fraud Class Action:

The complaint alleges that Defendants failed to disclose to investors that: (1) IEP was inflating its net asset value ("NAV"); (2) the company was using money taken in from new investors to pay dividends to old investors; and (3) as a result, the company would become the subject of criminal and/or regulator scrutiny.

Investors began to learn the truth on May 2, 2023, when Hindenburg Research published a scathing report concluding that IEP (1) is a "ponzi-like economic structure[]" and (2) inflates its NAV "due to a combination of overly aggressive marks on IEP's less liquid/private investments and continued year to date underperformance."

Hindenburg cited two examples of improper marks. First, "IEP owns 90% of a publicly traded meat packing business that it valued at $293 million at year end" while "[t]he company had a market value of only $89 million at the time." Second, IEP valued its auto parts division (which owns Auto Plus) at $381 million in December 2022 (a month before Auto Plus filed for bankruptcy) and, given the $238 million in creditor claims, concluded "we expect IEP's $381 million mark will be written down significantly further."

Then, on May 10, 2023, IEP announced that it recorded a non-cash charge of $226 million related to Auto Plus and said that its "remaining equity investment in Auto Plus is now worth $0." IEP also revealed that the U.S. Attorney's office for the Southern District of New York is seeking production of information relating to it and certain of its affiliates' corporate governance, capitalization, securities offerings, dividends, valuation, marketing materials, due diligence and other materials.

These events have driven the price of IEP depositary units sharply lower.

"We're focused on investors' losses and proving IEP cooked its books," said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in IEP and have substantial losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding IEP should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email IEP@hbsslaw.com.

# # #

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.

Contact:
Reed Kathrein, 844-916-0895

SOURCE: Hagens Berman Sobol Shapiro LLP



View source version on accesswire.com:
https://www.accesswire.com/766040/HAGENS-BERMAN-NATIONAL-TRIAL-ATTORNEYS-Encourages-Icahn-Enterprises-IEP-Investors-with-200k-Losses-to-Contact-Firms-Attorneys-Before-July-10th-Deadline-in-Securities-Fraud-Class-Action

ACCESSWIRE

News network reaching more than 1,500 media outlets in 98 countries. The newest, fastest-growing and most disruptive newswire available today.