ICAHN ENTERPRISES VINDICATED BY DISMISSAL OF MERITLESS LAWSUIT THAT PARROTED FALSE AND MISLEADING CLAIMS PUBLISHED BY HINDENBURG "RESEARCH"
Icahn Enterprises (IEP) announced the dismissal of a proposed class action lawsuit against the company and its directors. The U.S. District Court found that the lawsuit, based on claims from Hindenburg Research's reports, failed to show material misrepresentations or intent to defraud. Carl C. Icahn, IEP's Chairman, expressed satisfaction with the debunking of these claims and criticized the network of short sellers and their practices.
IEP also addressed the recent SEC investigation, stating it found no fraud or impropriety in distributions, settling only a technical disclosure violation. The company clarified that recent media reports about potential large-scale unit sales by Carl Icahn or IEP were false, emphasizing that the recent SEC filing was a routine update for their ATM offering program.
Icahn Enterprises (IEP) ha annunciato il rigetto di una proposta di causa collettiva contro la compagnia e i suoi dirigenti. La Corte Distrettuale degli Stati Uniti ha stabilito che la causa, basata su affermazioni dei rapporti di Hindenburg Research, non ha dimostrato misrepresentazioni materiali o intenti di frode. Carl C. Icahn, Presidente di IEP, ha espresso soddisfazione per la confutazione di queste affermazioni e ha criticato la rete di venditori allo scoperto e le loro pratiche.
IEP ha inoltre affrontato la recente indagine della SEC, dichiarando che non è stata trovata frode o irregolarità nelle distribuzioni, risolvendo solo una violazione tecnica di divulgazione. L'azienda ha chiarito che i recenti reportage dei media riguardanti potenziali vendite su larga scala di unità da parte di Carl Icahn o di IEP erano false, sottolineando che il recente deposito alla SEC era un aggiornamento di routine per il loro programma di offerta ATM.
Icahn Enterprises (IEP) anunció el desestimamiento de una demanda colectiva propuesta contra la empresa y sus directores. El Tribunal de Distrito de EE. UU. determinó que la demanda, basada en afirmaciones de los informes de Hindenburg Research, no demostró tergiversaciones materiales o intenciones de defraudar. Carl C. Icahn, Presidente de IEP, expresó satisfacción por la desmentida de estas afirmaciones y criticó la red de vendedores en corto y sus prácticas.
IEP también abordó la reciente investigación de la SEC, afirmando que no encontró fraude ni irregularidades en las distribuciones, resolviendo solo una violación técnica de divulgación. La empresa aclaró que los recientes informes mediáticos sobre posibles ventas a gran escala de unidades por parte de Carl Icahn o IEP eran falsos, enfatizando que el reciente archivo ante la SEC era una actualización de rutina para su programa de oferta de cajero automático.
아이칸 엔터프라이즈(Iep)는 회사와 이사의 집단 소송 제안을 기각했다고 발표했습니다. 미국 지방법원은 핀든버그 리서치 보고서를 기반으로 한 소송이 중대하게 허위 진술하거나 사기를 치려는 의도를 보여주지 못했다고 판결했습니다. 칼 C. 아이칸 IEP 회장은 이러한 주장에 대한 반박에 만족감을 표하며 공매도 세력의 관행을 비판했습니다.
IEP는 최근 SEC 조사가 있었음을 언급하며 배급에 있어서 사기나 부정행위가 없었고, 기술적인 공시 위반만을 해결했다고 밝혔습니다. 또한, 최근의 미디어 보도가 칼 아이칸 또는 IEP의 대규모 유닛 판매 가능성에 대해 잘못된 것이라며, 최근 SEC에 제출한 서류는 ATM 제공 프로그램의 일반적인 업데이트였다고 강조했습니다.
Icahn Enterprises (IEP) a annoncé le rejet d'une proposition de recours collectif contre l'entreprise et ses directeurs. Le tribunal de district des États-Unis a conclu que la poursuite, fondée sur des allégations des rapports de Hindenburg Research, n'a pas réussi à prouver des déclarations trompeuses matérielles ou des intentions de fraude. Carl C. Icahn, Président d'IEP, a exprimé sa satisfaction quant à la réfutation de ces allégations et a critiqué le réseau des vendeurs à découvert et leurs pratiques.
IEP a également abordé la récente enquête de la SEC, affirmant qu'aucune fraude ou irrégularité concernant les distributions n'avait été trouvée, n'ayant réglé qu'une violation technique de divulgation. L'entreprise a précisé que les récents rapports des médias concernant d'éventuelles ventes massives d'unités par Carl Icahn ou IEP étaient faux, insistant sur le fait que le récent dépôt auprès de la SEC était une mise à jour de routine pour leur programme d'offre de guichet automatique.
Icahn Enterprises (IEP) hat die Abweisung einer vorgeschlagenen Sammelklage gegen das Unternehmen und seine Geschäftsführer bekannt gegeben. Das US-Bezirksgericht hat festgestellt, dass die Klage, die sich auf die Berichte von Hindenburg Research stützt, keine wesentlichen falschen Darstellungen oder betrügerischen Absichten gezeigt hat. Carl C. Icahn, Vorsitzender von IEP, äußerte Zufriedenheit über die Widerlegung dieser Ansprüche und kritisierte das Netzwerk der Leerverkäufer und deren Praktiken.
IEP sprach auch die kürzliche SEC-Untersuchung an und erklärte, dass keine Betrügereien oder Unregelmäßigkeiten bei den Verteilungen festgestellt wurden; es wurde lediglich ein technisches Offenlegungsvergehen beigelegt. Das Unternehmen stellte klar, dass die jüngsten Medienberichte über mögliche großflächige Verkaufsaktionen von Carl Icahn oder IEP falsch waren und betonte, dass die jüngste Einreichung bei der SEC ein routinemäßiges Update für ihr ATM-Angebotsprogramm darstellt.
- Dismissal of the class action lawsuit without prejudice
- SEC investigation found no fraud, inflation of net asset value, or impropriety in distributions
- Clarification that Carl Icahn is 'absolutely not selling' IEP units
- Only $3.5 million worth of units sold under the ATM program since recent filing
- Settlement of a technical disclosure violation with the SEC
- Ongoing concerns about short seller attacks and their impact on the company's reputation
Insights
The dismissal of the lawsuit against Icahn Enterprises (IEP) is a significant legal victory for the company. The court's decision to dismiss the case without prejudice indicates that the plaintiffs failed to provide sufficient evidence to support their claims. This outcome strengthens IEP's position and credibility in the face of accusations from short sellers and critical reports.
The settlement with the SEC, resulting only in a technical disclosure violation, further validates IEP's stance. It's noteworthy that the SEC found no evidence of fraud, NAV inflation, or impropriety in distributions. This outcome significantly undermines the credibility of Hindenburg's claims and may deter future similar attacks on the company.
However, investors should remain cautious. The dismissal without prejudice means plaintiffs could potentially refile with stronger evidence. The ongoing scrutiny and legal challenges, even if unfounded, may continue to impact investor sentiment and stock volatility in the short term.
The dismissal of the lawsuit and the SEC settlement are positive developments for Icahn Enterprises, potentially alleviating some investor concerns. However, the market's reaction may be mixed due to lingering doubts and the possibility of future legal challenges.
The clarification regarding the recent prospectus supplement is crucial. The misconception about Carl Icahn selling large amounts of IEP units could have negatively impacted the stock price. The correction, stating that only
Investors should focus on IEP's diversified portfolio and its performance across various sectors. The company's ability to navigate legal challenges while maintaining its business operations demonstrates resilience, which could be viewed positively by long-term investors. However, the ongoing scrutiny may lead to increased volatility in the short term.
On September 13, 2024,
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
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
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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SOURCE Icahn Enterprises L.P.
FAQ
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