SUNNY
ISLES BEACH, Fla., Sept. 16,
2024 /PRNewswire/ -- Icahn Enterprises (IEP) is
pleased to announce that the proposed class action lawsuit
against IEP and certain directors and officers has been dismissed
without prejudice.
On September 13, 2024, U.S.
District Court Judge K. Michael
Moore found that the lawsuit — comprised of meritless claims
cut and pasted from false and misleading reports published by
Hindenburg "Research" — failed to show that IEP had made material
misrepresentations or omissions or did so with an intent to
defraud. A copy of the U.S. District Court's decision is available
at Carlicahn.com.
Carl C. Icahn, Chairman of IEP,
stated: "We are pleased that the spurious claims of various
unscrupulous characters, working together in a coordinated and
clandestine network, have been debunked. Those making these claims
include short sellers who peddle false and misleading information
styled as "research", their sketchy and anonymous financial backers
who short securities in the shadows, thereby amplifying the
disinformation campaign and profiting at the expense of long-term
investors, those in the press who are used in the scheme as tools
to repeat the fallacious claims, and the bottom-feeding "strike
suit" lawyers who travel in their wake and attempt to extort quick
settlements from victimized companies. We are also encouraged that
the SEC is now beginning to take long needed action against this
"short and distort" practice, which disproportionately impacts
small investors."
"We are also happy to have recently settled the investigation
initiated by the SEC following the publication of Hindenburg's
false and misleading "research" report. We cooperated fully with
the SEC and the SEC found no fraud, inflation of
our net asset value or impropriety in our distributions, nor did it
validate any of Hindenburg's other spurious claims. Instead, we
settled a technical disclosure violation."
IEP would also like to correct the record regarding the
prospectus supplement that was filed recently with the SEC. Several
media outlets repeated the false claim that this filing indicated
an intent for Chairman Carl Icahn to
sell large amounts of IEP units. To the contrary, as Mr. Icahn
stated publicly, he is "absolutely not selling" IEP units. Neither
is there a plan for IEP to conduct a massive sale of units, as was
also reported erroneously. The filing was merely a routine
refreshment of the registration statement related to our
at-the-market (ATM) offering program. Since the date of that
filing, IEP has sold under $3.5
million worth of units under the ATM program. There are no
plans to conduct any offerings outside of the ordinary course and
consistent with our past practices.
Icahn Enterprises L.P., a master limited partnership, is a
diversified holding company owning subsidiaries currently engaged
in the following continuing operating businesses: Investment,
Energy, Automotive, Food Packaging, Real Estate, Home Fashion and
Pharma.
Caution Concerning Forward-Looking Statements
This release may contain certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, many of which are beyond our ability to control or
predict. Forward-looking statements may be identified by words such
as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "estimates," "will" or words of similar meaning and
include, but are not limited to, statements about current, pending
or future lawsuits or government investigations, securities
transactions, and the expected future business and financial
performance of Icahn Enterprises and its subsidiaries. The outcome
of any current, pending or future litigation or government
investigations involving Icahn Enterprises and its subsidiaries or
their respective officers, employees or directors may differ
materially from our current expectations. The class action lawsuits
discussed above were dismissed without prejudice, and may be
amended and refiled, and the court's decision may be appealed, and
the ultimate outcome of these lawsuits may not be in our favor. As
described in our Annual Report on Form 10-K and Quarterly Reports
on Form 10-Q filed with the SEC, from time to time we and our
subsidiaries are involved in various lawsuits and investigations
arising in the normal course of business. Actual events,
results and outcomes with respect to these matters and the other
statements made in this press release may differ materially from
our current expectations due to a variety of known and unknown
risks, uncertainties and other factors, including risks related to
current, pending or future litigation or investigations, judicial
and regulatory process, and risks related to economic
downturns, substantial competition and rising operating costs; the
impacts from the ongoing Russia/Ukraine conflict and conflict in the
Middle East, including economic
volatility and the impacts of export controls and other economic
sanctions; risks related to our investment activities, including
the nature of the investments made by the private funds in which we
invest, including the impact of the use of leverage through
options, short sales, swaps, forwards and other derivative
instruments; declines in the fair value of our investments,
losses in the private funds and loss of key employees; risks
related to our ability to continue to conduct our activities in a
manner so as to not be deemed an investment company under the
Investment Company Act of 1940, as amended, or to be taxed as a
corporation; risks related to short sellers and associated
litigation and regulatory inquiries; risks relating to our general
partner and controlling unitholder; pledges of our units by our
controlling unitholder; risks related to our energy business,
including the volatility and availability of crude oil, other feed
stocks and refined products, declines in global demand for crude
oil, refined products and liquid transportation fuels, unfavorable
refining margin (crack spread), interrupted access to pipelines,
significant fluctuations in nitrogen fertilizer demand in the
agricultural industry and seasonality of results; risks related to
potential strategic transactions involving our Energy segment;
risks related to our automotive activities and exposure to adverse
conditions in the automotive industry, including as a result of the
Chapter 11 filing of our automotive parts subsidiary; risks related
to our food packaging activities, including competition from
better capitalized competitors, inability of our suppliers to
timely deliver raw materials, and the failure to effectively
respond to industry changes in casings technology; supply chain
issues; inflation, including increased costs of raw materials and
shipping, labor shortages and workforce availability; risks related
to our real estate activities, including the extent of any tenant
bankruptcies and insolvencies; risks related to our home fashion
operations, including changes in the availability and price of raw
materials, manufacturing disruptions, and changes in transportation
costs and delivery times; and other risks and uncertainties
detailed from time to time in our filings with the Securities and
Exchange Commission including out Annual Report on Form 10-K and
our quarterly reports on Form 10-Q under the caption "Risk
Factors". Additionally, there may be other factors not presently
known to us or which we currently consider to be immaterial that
may cause our actual results to differ materially from the
forward-looking statements. Past performance in our Investment
segment is not indicative of future performance. We undertake no
obligation to publicly update or review any forward-looking
information, whether as a result of new information, future
developments or otherwise.
This release and the information contained herein do not
constitute an offer of any securities for sale or the solicitation
of an offer to purchase securities.
Investor Contact:
Ted
Papapostolou, Chief Financial Officer
IR@ielp.com
(800) 255-2737
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content:https://www.prnewswire.com/news-releases/icahn-enterprises-vindicated-by-dismissal-of-meritless-lawsuit-that-parroted-false-and-misleading-claims-published-by-hindenburg-research-302248812.html
SOURCE Icahn Enterprises L.P.
