Hindenburg Research Targets Icahn's Hedge Fund in Short-Seller Campaign

Shares of Icahn Enterprises fell as much as 24% after Hindenburg Research issued a short call, claiming the company is overpriced and has inflated valuations for some of its assets. Hindenburg says Icahn Enterprises’ value is inflated by 75% or more, noting that it trades at a premium of more than 200% to its net asset value. The report also raises questions about the size of Icahn Enterprises’ dividend yield and the way in which it has been financed in recent years. Carl Icahn holds a stake of more than 88% in the diversified holding company.