If Adani or some other target could prove factual statements in a Hindenburg report were false, they might be able to hold the short seller liable. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Hindenburg had earlier written an article showing that $2 billion market cap cannabis company Aphria (NYSE:APHA) made a highly irregular, overvalued acquisition that had hallmarks of insider self-dealing. specifically pointed out issues relating to the companys accounting around its service agreements. ', 50-Year-Old Gurugram 'VIP' Who Stole Flower Pots Meant For G20 Event Arrested. NEW YORK, Aug. 28, 2019 /PRNewswire/ -- On January 23, 2019, Yangtze River Port and Logistics Limited (Nasdaq: YRIV) (the "Company") filed a defamation lawsuit in the New York Supreme Court, New. Your session has expired, please login again. Hindenburg appears to have evolved from the short and distort on Eros. findings. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. It has experience in the. Makes no sense to me. Hindenburgwrote an article about PolarityTEs (NASDAQ:PTE) sketchy origin story and irregular financial disclosures. Friday's losses will reduce that gap. subpoena, said it would cooperate with the investigation. Hindenburg, which has the backing of several investors, also makes financial bets that the stocks of the companies Mr. Anderson is targeting will fall after the firm issues its research. How is this legal? Remove some to bookmark this image. Catch all the latest. The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. Just hate to see others lose money. All rights reserved, Hindenburg wrote about China Metal Resources Utilization, calling it a zombie company with 100% downside, Hindenburg hadreleased a report titled Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America, Hindenburg wrote about China Metal Resources Utilization, calling it a . In 2019, Justice Peter Sherwood dismissed the suit, holding that Hindenburgs allegedly defamatory statements were statements of opinion protected by the 1st Amendment. wrote a series of articles about Riot Blockchains (NASDAQ:RIOT) suspicious acquisitions that appeared designed to benefit insiders. (Reuters) - In the midst of a market rout last week that stripped Indian conglomerate Adani Group of $65 billion in market capitalization, Adani announced that it was contemplating remedial and punitive action against Hindenburg Research, the short seller whose scathing Jan. 24 report sparked the sell-off. Months after Hindenburg "Among the questions it did answer, the group largely confirmed or attempted to sidestep our findings," Hindenburg said. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. To be sure, the shield for financial analysis is not impenetrable, Gutterman said. Over the last two trading sessions, on Wednesday and Friday, the . It has since lost ~90% of its value. Adani Enterprises . The private company goes public through the process. The company later wrote down the value of the questioned acquisitions 6 months later. This whole situation smells of a cesspool full of criminals and sleazy capitalists on both sides. Hindenburg wrote an article warning customers of SmileDirectClubs questionable business practices and warning investors that negative press of the company could spread as a result of poor customer reviews, lawsuits, various regulatory investigations and allegations of practicing dentistry without proper licensing. In particular, they often look for situations where companies may have any combination of: -Bad actors in management or key service provider roles, -Illegal/unethical business or financial reporting practises, -Undisclosed regulatory, product, or financial issues, Also Read:Hindenburg Effect: Mukesh Ambani Replaces Gautam Adani As Richest Indian & Asian On Forbes List. So this is a good time to buy in then right? Electric Truck Partner, Quits Amid Fraud Claims", "Nikola founder Trevor Milton found guilty of fraud over statements he made while CEO of the EV company", "Palihapitiya-backed Clover Health shares fall on critical report by short seller Hindenburg Research", "Chamath Palihapitiya-backed Clover Health gets notice of SEC investigation", "Adani Group: how the world's 3rd richest man is pulling the largest con in corporate history", "Hindenburg shorts India's Adani citing debt, accounting concerns; shares plunge", "A Short Seller Takes Aim at an Indian Corporate Giant", "Adani shares take $10.8bn hit after Hindenburg bets against group", "Adani Group firms lose $9bn in value amid short-seller claims", "US activist investor who accused Adani of 'biggest con in corporate history' dares Indian group to sue", "DraftKings stock falls after Hindenburg Research reveals short position", "Ormat shares drop after short-seller Hindenburg attacks energy company", "MULN stock falls further after negative Hindenburg report", "Short-sellers take aim at Chinese blockchain firm SOS, shares tumble", "Short-seller Hindenburg sets $1m 'bounty' for details on Tether's reserves", "Hindenburg Research Announces $1,000,000 Bounty For Details On Tether's Backing", https://en.wikipedia.org/w/index.php?title=Hindenburg_Research&oldid=1141755758, Research and analysis firms of the United States, Financial services companies established in 2017, Financial services companies based in New York City, Short description is different from Wikidata, Pages using infobox company using trading name, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 26 February 2023, at 16:55. Oh, and here's point 103: "To carry out their machinations, Mangrove, August and their confederates published a series of unfounded, self-serving falsehoods that attacked Eros' financial and other disclosures, accounting practices, and the fundamental integrity of Eros' products, services and business. There is more regulations on things you can and cannot say. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. December 2018-Yangtze River Port & Logistics, 11. All quotes delayed a minimum of 15 minutes. Copyright HT Digital Streams Limited All rights reserved. A Trending Reel Challenge That Can Win Us a Brand-New Swift? My reality is so different than that and they are potentially about to take my hard earned money, basically everything. About four months later, in October 2020, NASDAQ delisted WINS specifically due to the undisclosed asset freeze Hindenburg Research, the New York-based investment firm known for sending tremors through the stock market with its short positions and well-researched positions, had been on Musk's side for . But more than that, Im glad were starting to make a real-world dent, he added. Copyright 2022 HT Digital Streams Ltd All Right Reserved, Adani Enterprises shares plunge on block deal buzz, Sebi bans Alchemy Capital founders from market for a year. Reach her at jody.godoy@thomsonreuters.com. The Nikola reports big splash led Hindenburg to another fledgling electric vehicle company: Lordstown Motors. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. The industry leader for online information for tax, accounting and finance professionals. Before working with digital news publications, he worked as a freelance content writer. Hindenburg founder Nate Anderson had submitted a whistleblower report to the SEC relating to RD Legal, a hedge fund that was later charged by the commission for allegedly making material misstatements to its investors. Hindenburg redoubled Among dozens of other issues, [6] Companies that have been the subjects of their reports include Adani Group, Nikola,[7] Clover Health,[8] Kandi,[9] and Lordstown Motors. At the same time, they build a short position in the stock, borrowing shares of a target company from a brokerage firm and then selling them, expecting the stock price will fall on account of their negative research. If Adani is talking about a lawsuit in the U.S., Ill believe it when I see it. "Among the questions it did answer, the group . [ 1, 2] Part I: Kandi's Extensive History of Fraud Allegations The story had reportedly garnered attention from mainstream international media, featured in the Wall Street Journal, Financial Times, CNN, Barrons and CNBC, among others. [11], Hindenburg Research prepares its investigation report on a target company in six or more months by going through its public records and internal corporate documents, as well as talking to its employees. However, the SPAC bonanza fizzed as quickly as it started. See here for a complete list of exchanges and delays. Two names of importance are mentioned in this subpoena: Hindenburg and Clarity Spring Securities. He desperately needed a win. Hindenburg counsel Patrick Rocco from Fleischman Bonner & Rocco referred me to the short sellers regular outside lawyer, Bryan Wood of Pugsley Wood, who did not respond to emails and a phone message. Short sellers see themselves as financial detectives, sniffing out corporate wrongdoing or inflated stock prices. Floral Dresses To Chic Bags - Heres How I Refreshed My Summer Closet From Flipkart On A Budget! Hindenburg report . Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. See for yourself: http://www.clarityspring.com/nathan-anderson-ceo/, Anderson is mentioned by Grego here as well The idea for his Aphria short, Grego said, came from researcher Nathan Anderson, who published his own report on Aphria Monday morning on SeekingAlpha, under the moniker Hindenburg Investment Research., Link: https://www.barrons.com/articles/marijuana-stock-aphria-down-on-short-seller-report-1543855963, We are missing the entire subpoena, so it is unclear who was part of Hindenburg - but the wording in the table of content implies multiple players were using the name as a vehicle in their short and distort attack (that eventually proved to be false, after the price dropped 75%), EDIT: Anderson published his aphria piece on SA under the Hindenburg banner, but its unclear based on this partial subpoena if he was ever part of the original Hindenberg group. Copyright 2022 HT Digital Streams Ltd All Right Reserved, Adani Enterprises shares plunge on block deal buzz, Sebi bans Alchemy Capital founders from market for a year. The SEC has launched an investigation into Hindenburg's claims. https://www.tipranks.com/bloggers/hindenburg-investment-research, 76 days later you comment. In its two-year study, Hindenburg claimed that the Adani Group had participated in brazen stock manipulation" and accounting fraud over a period of decades and criticised the conglomerate's "substantial debt". Hindenburg The market capitalization of the seven listed group firms had decreased by a total of $65 billion as of January 30. The industry leader for online information for tax, accounting and finance professionals. As always, the company will focus on business, he added. A stock researcher and investor, Mr. Anderson and his upstart firm, Hindenburg Research, are having a moment. you should look at hindenburgs track record. Adani Response to Hindenburg . 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