INVESTOR ACTION NOTICE: Moore Law PLLC Encourages Investors in Icahn Enterprise LP Common Stock to Contact Law Firm
NEW YORK, Aug. 19, 2024 /PRNewswire/ -- Moore Law, PLLC, a shareholder law firm located on Wall Street, is investigating potential claims against:
- Icahn Enterprises LP Common StockNASDAQ: IEP
Shareholders should email [email protected]
The investigation concerns charges filed on Aug. 19, 2024 by the Securities and Exchange Commission against Carl C. Icahn and his publicly traded company, Icahn Enterprises L.P. (IEP) for failing to disclose information relating to Icahn's pledges of IEP securities as collateral to secure personal margin loans worth billions of dollars under agreements with various lenders. IEP and Icahn agreed to pay $1.5 million and $500,000 in civil penalties, respectively, to settle the SEC's charges.
According to the SEC's orders, from at least December 31, 2018, through the present, Icahn pledged approximately 51 to 82 percent of IEP's outstanding securities as collateral to secure personal margin loans worth billions of dollars under agreements with various lenders.
Notwithstanding Icahn's margin loan agreements and amendments, IEP failed to disclose Icahn's pledges of IEP securities as required in its Form 10K until February 25, 2022. Icahn also failed to file amendments to Schedule 13D describing his personal margin loan agreements and amendments, which dated back to at least 2005, and failed to attach required guaranty agreements. Icahn's failure to file the required amendments to Schedule 13D persisted until at least July 9, 2023.
"The federal securities laws imposed independent disclosure obligations on both Icahn and IEP. These disclosures would have revealed that Icahn pledged over half of IEP's outstanding shares at any given time," said Osman Nawaz, Chief of the SEC Enforcement Division's Complex Financial Instruments Unit (CFIU). "Due to both disclosure failures, existing and prospective investors were deprived of required information."
Over the last 12 months, IEP stock is down 22%.
If you own Icahn Enterprises LP Common StockNASDAQ: IEP, please contact Fletcher Moore by email at [email protected] or (212) 709-8245.
ABOUT MOORE LAW PLLC
Moore Law is a NYC plaintiff litigation law firm for investors. We hold officers and directors accountable for breaches of fiduciary duty, fraud, insider trading, wasteful spending, and other corporate malfeasance. There is no cost to you. Our investor cases are contingency only.
Fletcher Moore, Esq.
Moore Law, PLLC
[email protected]
(212) 709-8245
www.fmoorelaw.com
SOURCE Moore Law PLLC
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