Icahn Enterprises shares surge 10% after class action lawsuit is dismissed

Activist billionaire shareholder Carl Icahn went on a victory tour of sorts Monday after a judge dismissed a proposed class-action lawsuit against his company, ruling that the company had not made any material misstatements or omissions as alleged in a report by short seller Hindenburg Research.

The report, published in May last year, alleged that Icahn’s investment arm, Icahn Enterprises LP, had overstated the value of certain assets and that the company could not afford its $2-per-share quarterly dividend at the time.