Carl Icahn welcomes dismissal of Icahn Enterprises lawsuit, not selling shares
By Jonathan Stempel
Sept 16 (Reuters) -Carl Icahn said on Monday he was pleased a federal judge dismissed a lawsuit accusing the billionaire of defrauding shareholders of his investment company Icahn Enterprises IEP.O so he could obtain large amounts of personal loans.
The lawsuit followed a May 2023 report by the short-selling firm Hindenburg Research that questioned whether Icahn's company inflated its share price by paying out excessive shareholder dividends, enabling Icahn's borrowing. Hindenburg also accused Icahn of overseeing a "Ponzi-like economic structure."
Icahn owns 85% of his namesake company, and has lost many billions of dollars because its stock price has fallen by more than three-quarters since the Hindenburg report, touching a more than 20-year low last week.
But in a decision on Friday, U.S. District Judge K. Michael Moore in Miami said Icahn Enterprises sufficiently disclosed its risks to shareholders. The judge also said evidence suggested that Icahn "believed in the long-term value" of his company.
Icahn Enterprises called the lawsuit "meritless," and Icahn said in a statement: "We are pleased that the spurious claims of various unscrupulous characters, working together in a coordinated and clandestine network, have been debunked."
The 88-year-old Icahn also said he is "absolutely not selling" Icahn Enterprises shares, denying contrary claims he said were in media reports.
Lawyers for the shareholders did not respond to requests for comment on Friday after the decision, and to further requests for comment on Monday.
Last month, Icahn and his company agreed without admitting wrongdoing to pay $2 million in civil fines to settle U.S. Securities and Exchange Commission charges he did not disclose pledging large quantities of shares as collateral for his loans.
Icahn's fortune far exceeded $10 billion for many years, and is now $4.9 billion according to Forbes magazine.
The case is Kosowsky v Icahn Enterprises LP et al, U.S. District Court, Southern District of Florida, No. 23-21773.
Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis
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Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
