Carl Icahn's Investment Firm Wins Dismissal of Stock Inflation Lawsuit

Benzinga

A U.S. District Judge dismissed a lawsuit against Icahn Enterprises, which claimed the company artificially inflated its stock by issuing high dividends to support Icahn’s personal loans. Judge K. Michael Moore ruled that the shareholders failed to prove misrepresentation or intent to defraud. The lawsuit came after Hindenburg Research accused Icahn Enterprises of operating a "Ponzi-like economic structure." The shareholders have until Oct. 14 to file an amended complaint. Icahn Enterprises shares have dropped over 75% since May 2023.

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00:00It's Benzinga, and here's what's on the block.

00:02A U.S. district judge dismissed a lawsuit against Icon Enterprises, which claimed the

00:07company artificially inflated its stock by issuing high dividends to support Icon's personal

00:11loans.

00:12Judge K. Michael Moore ruled that the shareholders failed to prove misrepresentation or intent

00:17to defraud.

00:18The lawsuit came after Hindenburg Research accused Icon Enterprises of operating a Ponzi-like

00:23economic structure.

00:25The shareholders have until October 14th to file an amended complaint.

00:29Icon Enterprises' shares have dropped over 75 percent since May 2023.

00:33For all things money, visit Benzinga.com.

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