Icahn Enterprises' Stock Drops Over 15% As Federal Investigators Seek Information On Corporate Governance

Benzinga 2023-05-11

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Shares for Icahn Enterprises, the conglomerate of billionaire investor Carl Icahn, plummeted more than 15 percent on Wednesday after disclosing that federal investigators are seeking information on its corporate governance. A regulatory filing revealed that the US attorney’s office for the Southern District of New York contacted the company last week to request information about corporate governance, capitalization, securities offerings, dividends, valuation, marketing materials, due diligence, and other materials. The request came a day after short-seller Hindenburg Research took a short position against the company, alleging “inflated” asset valuations. Shares in Icahn Enterprises are now down over 36% year-to-date.

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