Icahn Enterprises says proposed class action lawsuit dismissed without prejudice

Icahn Enterprises 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 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. Carl 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.”