Icahn Enterprises shares jump after lawsuit dismissal, no-sell assurance

Icahn Enterprises LP

16/09/2024 15:53

** Investment company Icahn Enterprises  IEP.O  shares up 7%
at $11.6, following the dismissal of a lawsuit accusing
billionaire Carl Icahn of defrauding shareholders
    ** The lawsuit was initiated after a report from Hindenburg
Research in May 2023 questioned the company's inflated share
price through excessive shareholder dividends
    ** According to the U.S. District Judge, Icahn Enterprises
disclosed its risks sufficiently to shareholders and evidence
suggested that Icahn believed in long-term value of his company
    ** Icahn also said he is "absolutely not selling" IEP units,
dispelling rumours of a potential massive sale of units
    ** Shares are down 31% YTD, including Monday's gains

 (Reporting by Vedant Vinayak Vichare in Bengaluru)
 ((vedant.vinayakvichare@thomsonreuters.com))