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 Stock NASDAQ: IEP
Shareholders should email Fletcher@fmoorelaw.com
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 Stock NASDAQ: IEP,
please contact Fletcher Moore by email at
fletcher@fmoorelaw.com 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
fletcher@fmoorelaw.com
(212) 709-8245
www.fmoorelaw.com
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