“We think Icahn, a legend of Wall Street, has made a classic mistake of taking on too much leverage in the face of sustained losses: a combination that rarely ends well,” Hindenburg said in the report.
Carl Icahn, the famed activist investor who’s made a career out of starting corporate brawls, found himself on the receiving end of criticism Tuesday after Hindenburg Research disclosed a short call against his investment firm.
Shares of Icahn Enterprises LP fell as much as 24% Tuesday morning in New York, their biggest intraday drop since 2010, after Hindenburg claimed in a lengthy report that the company is overpriced, and said it found evidence of inflated valuations for some of its assets.
