SUNNY
ISLES BEACH, Fla., May 2, 2023
/PRNewswire/ -- Icahn Enterprises L.P. (Nasdaq: IEP) ("IEP" or the
"Company") today issued the following statement in response to a
short seller report published on May 2,
2023:
"We believe the self-serving short seller report published by
Hindenburg Research today was intended solely to generate profits
on Hindenburg's short position at the expense of IEP's long-term
unitholders. We stand by our public disclosures and we believe that
IEP's performance will speak for itself over the long term as it
always has. Today, IEP operates from a position of strength with
approximately $2 billion of cash and
cash-equivalents on its balance sheet as of March 31, 2023 to execute on our strategy,"
stated Carl Icahn, Chairman of the
Board of Icahn Enterprises.
Mr. Icahn continued: "We continue to believe that activism is
the best paradigm for investing and my activist investments over
the last 25 years have well proved this out. We regularly put our
activist principles into effect at our majority-controlled
companies as well as the minority positions held in our investment
segment, and currently have representatives on 14 public company
boards. Additionally, we believe strongly in hedging our positions
to mitigate risk, especially in markets that we are living in
today."
The claims in this short seller report will not deter IEP from
fulfilling its commitments to IEP's unitholders and employees. To
receive accurate information about the Company, all investors are
encouraged to review materials filed by IEP with the Securities and
Exchange Commission and available on its investor relations
website.
Icahn Enterprises L.P., a master limited partnership, is a
diversified holding company engaged in seven primary business
segments: Investment, Energy, Automotive, Food Packaging, Real
Estate, Home Fashion and Pharma.
Caution Concerning Forward-Looking Statements
This release may contain certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, many of which are beyond our ability to control or
predict. Forward-looking statements may be identified by words such
as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "estimates," "will" or words of similar meaning and
include, but are not limited to, statements about the expected
future business and financial performance of Icahn Enterprises and
its subsidiaries. Actual events, results and outcomes may differ
materially from our expectations due to a variety of known and
unknown risks, uncertainties and other factors, including risks
related to economic downturns, substantial competition and rising
operating costs; risks related to the severity, magnitude and
duration of the COVID-19 pandemic and its impact on the global
economy, financial markets and industries in which our subsidiaries
operate; the impacts from the Russia/Ukraine conflict, including economic
volatility and the impacts of export controls and other economic
sanctions,; risks related to our investment activities, including
the nature of the investments made by the private funds in which we
invest, declines in the fair value of our investments as a result
of the COVID-19 pandemic, losses in the private funds and loss of
key employees; risks related to our ability to continue to conduct
our activities in a manner so as to not be deemed an investment
company under the Investment Company Act of 1940, as amended; risks
related to our energy business, including the volatility and
availability of crude oil, other feed stocks and refined products,
declines in global demand for crude oil, refined products and
liquid transportation fuels as a result of the COVID-19 pandemic,
unfavorable refining margin (crack spread), interrupted access to
pipelines, significant fluctuations in nitrogen fertilizer demand
in the agricultural industry and seasonality of results; risks
related to our automotive activities and exposure to adverse
conditions in the automotive industry, including as a result of the
COVID-19 pandemic; risks related to our food packaging activities,
including competition from better capitalized competitors,
inability of our suppliers to timely deliver raw materials, and the
failure to effectively respond to industry changes in casings
technology; supply chain issues; inflation, including increased
costs of raw materials and shipping, including as a result of the
Russia/Ukraine conflict; interest rate increases;
labor shortages and workforce availability; risks related to our
real estate activities, including the extent of any tenant
bankruptcies and insolvencies; risks related to our home fashion
operations, including changes in the availability and price of raw
materials, and changes in transportation costs and delivery times;
and other risks and uncertainties detailed from time to time in our
filings with the Securities and Exchange Commission. Additionally,
there may be other factors not presently known to us or which we
currently consider to be immaterial that may cause our actual
results to differ materially from the forward-looking statements.
Past performance in our Investment segment is not indicative of
future performance. We undertake no obligation to publicly update
or review any forward-looking information, whether as a result of
new information, future developments or otherwise.
Investor Contact:
Ted
Papapostolou, Chief Financial Officer
(305) 422-4100
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SOURCE Icahn Enterprises L.P.