SAN DIEGO, May 24, 2023 (GLOBE NEWSWIRE) — Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of the purchasers of Icahn Enterprises LP IEP Securities dated August 2, 2018 to May 9, 2023. Icahn Enterprises is a master limited partnership with subsidiaries engaged in the following operating businesses: investment, energy, automotive, food packaging, real estate, home furnishings and pharmaceuticals.

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What is it about in this case: Icahn Enterprises LP (IEP) allegedly operates as a Ponzi-style economic structure

According to the complaint, on May 2, 2023, Hindenburg Research released a report that claimed, among other things, that Icahn Enterprises reported “the latest indicative year-end.” [net asset value] The $5.6 billion figure is inflated by at least 22%.” The report also claimed that the company operates a “Ponzi-like economic structure” and “uses money raised from new investors to pay dividends to old investors to pay out to investors”. News: Icahn Enterprises stock price fell $10.06 per share, or 20%, to close at $40.36 per share on May 2, 2023.

Then, on May 10, 2023, Icahn Enterprises filed its quarterly report on Form 10-Q with the SEC for the period ended March 31, 2023. In it, the company stated that the U.S. Attorney for the Southern District of New York contacted Icahn on May 3, 2023 with a request for information about the company covering “corporate governance, capitalization, securities offerings, dividends, valuation , Marketing Materials, Due Diligence and Other Materials” of certain of its affiliates. The company claimed it was cooperating with the request and was “providing documents in response to the voluntary information request.” As a result of this news, Icahn Enterprises stock price fell $5.75 per share, or 15.1%, to close at $32.22 per share on May 10, 2023.

What now: Shareholders in a similar position may be entitled…