Icahn Enterprises’ suit following report by short seller has been thrown out
Icahn Enterprises says class-action suit following report by short seller Hindenburg Research has been thrown out
Carl Icahn was taking somewhat of a victory lap on Monday
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Activist shareholder and billionaire Carl Icahn was taking somewhat of a victory lap Monday, after a judge dismissed a proposed class-action lawsuit against his company, finding it did not make material misrepresentations or omissions as alleged in a report by short seller Hindenburg Research.
The report, published last May, alleged that Icahn’s investing arm, Icahn Enterprises L.P. IEP , had overstated the value of certain assets and was unable to afford its at-that-time quarterly dividend of $2 a share. It also revealed that Icahn himself had made billions of dollars worth of personal loans against shares, or units, that he owned in Icahn Enterprises.