Icahn’s investment company discloses federal investigation — and earnings call yields zero questions
Carl Icahn’s investment arm disclosed a federal investigation of its business on Wednesday, just weeks after a short-seller report accused it of inflating asset values and wiped $4 billion off its market value in a single day.
“We are cooperating with the request and are providing documents in response to the voluntary request for information,” said the filing. Instead, Icahn Enterprises LP IEP Chief Executive David Willetts made a brief statement addressing the allegations made by Nate Anderson’s Hindenburg Research and said a fuller rebuttal would be published at 11.00 a.m.
Willetts said 90% of net asset values, or NAVs, are based on mark-to-market accounting or are audited by third parties. He said the remaining 10% are valued using historical EBITDA, or earnings before interest, taxes, depreciation and amortization. IEP stock tumbled 16% after it posted a surprise quarterly loss. The stock has lost more than $6 billion since the Hindenburg report was published.
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