The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Icahn Enterprises L.P. (IEP)

Shareholders with losses of $100,000 or more are encouraged to contact the firm.

The Law Offices of Frank R. Cruz reminds investors of the upcoming July 10, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Icahn Enterprises L.P. (“Icahn Enterprises” or the “Company”) (NASDAQ: IEP) securities between August 2, 2018 and May 9, 2023, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

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 the Company operates a “ponzi-like economic structure” and “has been using money taken in from new investors to pay out dividends to old investors.”

On 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 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.” The Company claimed it is “cooperating with the request” and is “providing documents in response to the voluntary request for information.”

On 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 filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Icahn Enterprises was inflating its net asset value; (2) that the Company was using money taken in from new investors to pay out dividends to old investors; (3) that, as a result, the Company would become the subject of criminal and/or regulatory scrutiny; and (4) 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.

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If you purchased or otherwise acquired Icahn Enterprises securities during the Class Period, you may move the Court no later than July 10, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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