Recover Your Losses in Icahn Enterprises L.P. (NASDAQ: IEP)
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If you suffered heavy losses due to your stockbroker or financial adviser’s recommendation to invest in Icahn Enterprises L.P. (NASDAQ: IEP), the attorneys at Epperson & Greenidge may be able to help correct the damage to your portfolio.
IEP is a publicly traded holding company with a market cap of $18 billion. It is run by 87-year-old Wall Street legend Carl Icahn. As recently as May 1, 2023 IEP was trading at above $50 per share. That all changed on May 2, 2023 when renowned short-seller outfit Hindenburg Research published a bombshell report alleging that IEP had created a “Ponzi-like economic structure” that allegedly inflated the value of its investments.
After the May 2 Hindenburg Research report, shares in IEP sunk to below $32 dollars in a matter of days. While it appears that big institutional investors had steered clear of investing in IEP, countless small retail investors saw their investment in IEP lose some 35% in a matter of days.
It appears from the Hindenburg Research report that the problems in IEP may have been detectable to an experienced stockbroker or financial adviser. According to the report, these warning signs include a suspiciously high dividend (around 15.8%), IEP calculating a premium for a thinly traded illiquid investment (instead of a discount), a lack of analyst coverage (UBS dropped coverage of IEP in 2020 due to its own concerns), and other factors.
If you or a loved one lost money investing in IEP on the recommendation of a broker or adviser, you may be able to recover your losses through a specialized area of the law called FINRA arbitration.
It is important to note that if you made the purchase more than six years ago or on your own, without the recommendation of a broker or adviser, you likely won’t be able to get your money back.
The attorneys at Epperson & Greenidge have extensive experience within FINRA and we specialize in bringing these claims on behalf of investors against stockbrokers and financial advisers. We accept cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so call 877-445-9261 now to speak to an attorney for a free consultation or send an inquiry to us directly here.