Icahn Enterprises (NASDAQ: IEP): Investment Losses? Contact KlaymanToskes
16 May 2023 - 6:56AM
Business Wire
KlaymanToskes Investigates Brokerage Firms That Recommended
Icahn Enterprises to Customers
KlaymanToskes reports that Icahn Enterprises (NASDAQ: IEP) share
prices have fallen dramatically, following the company’s 40% drop
and plunge to a 52-week low earlier this month. The crash came
after Hindenburg Research published a report which alleged Icahn
Enterprises, led by Carl Icahn, has “Ponzi-like economic
structures.”
According to Hindenburg, “Icahn has been using money taken in
from new investors to pay out dividends to old investors,” and
“such Ponzi-like economic structures are sustainable only to the
extent that new money is willing to risk being the last one
‘holding the bag.’”
Hindenburg noted that Icahn Enterprises’ 15.8% dividend yield is
the largest of any U.S. large cap name, and argues that the high
yield is not being achieved through legal means.
A regulatory filing made after the report revealed that the U.S.
Attorney’s office for the Southern District of New York contacted
Icahn Enterprises for information related to capitalization,
securities offerings, due diligence, and other materials.
The report’s final conclusion stated “at this stage, Icahn’s net
worth is reliant on selling overpriced IEP units to retail
investors while convincing them that they will be rewarded with a
consistent, safe dividend in perpetuity, despite extensive evidence
to the contrary.”
According to a Prospectus Supplement filing, Morgan Stanley
& Co. LLC was the sole book-running manager of Icahn
Enterprises’ sale of two million depositary units.
Investors that suffered losses in Icahn Enterprises at the hands
of their brokerage firm and/or broker/financial advisor, are
encouraged to contact attorney Lawrence L. Klayman, Esq.,
for a free consultation at 888-997-9956, or
lklayman@klaymantoskes.com to discuss their recovery options.
Disclosure: Investors that had self-directed accounts who did
not rely on the advice of a financial advisor are not eligible for
our services.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which
practices exclusively in the field of securities arbitration on
behalf of retail and institutional investors throughout the world
in large and complex securities matters. The firm has recovered
over $250 million in FINRA arbitrations and over $350 million in
other securities litigation matters. KlaymanToskes has office
locations in California, Florida, New York, and Puerto Rico.
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version on businesswire.com: https://www.businesswire.com/news/home/20230515005769/en/
KlaymanToskes, P.A. Lawrence L. Klayman, Esq. 888-997-9956
lklayman@klaymantoskes.com www.klaymantoskes.com
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