Notorious short seller Hindenburg Research has released an updated short report on Carl Icahn’s Icahn Enterprises (NASDAQ:IEP). Today, IEP stock closed down by nearly 2%. Shares have plunged almost 40% since Hindenburg originally accused IEP of being “inflated.”
Hindenburg and Icahn are in something of a cat-and-mouse battle of retaliation at the moment. Indeed, Icahn went on the offensive following the release of Hindenburg’s May 2 short report on the company, calling the short seller “Blitzkrieg Research.” Additionally, the billionaire claimed that Hindenburg founder Nate Anderson’s tactic “is to launch disinformation campaigns to distort companies’ images, damage their reputations and bleed the hard-earned savings of individual investors.”
That isn’t the end of the Hindenburg-Icahn saga, however. This morning, Hindenburg released an updated short report on IEP stock. In it, the short seller berated Icahn for failing to address the points made in the original report. These include Icahn’s failure to disclose “basic metrics around his margin loans like loan to value (LTV), maintenance thresholds, principal amount, or interest rates.”
It’s unclear just how far this bitter contest of words will last, but for the sake of IEP investors, hopefully not much longer. Down significantly from around $50 on May 1, IEP stock currently trades for about $31 per share.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
