Published on January 29, 2023 January 30, 2023 Read Report. Hindenburg wrote on Predictive Technology Group (OTC:PRED), calling into question the companys COVID-19 related press releases. Hindenburg wrote about HF Foods (NASDAQ:HFFG), specifically calling out the companys misallocation of shareholder capital and massive undisclosed related party transactions, including a $509 million merger. Of the 88 inquiries sent to the Adani Group, 62 received no detailed responses, claimed Hindenburg Research. Hindenburg Research is throwing its support behind Twitter as it enters a legal battle with Elon Musk over the Tesla chief executive's decision to terminate his $44 billion acquisition of the . Hindenburg Billionaire industrialist Gautam Adani, who was the world's third-richest person barely a month ago, dropped to 30th spot on the Bloomberg Billionaires Index on Monday. 2016: Hindenburg founder Nate Anderson 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. The company also brings in. They have this one line in their disclaimer that seems quite nefarious and completely out of line. Our Standards: The Thomson Reuters Trust Principles. Hindenburg didnt respond to my email query, but said in a statement last week that any action by Adani would be meritless and that it would welcome to opportunity to obtain discovery from the Indian company in U.S. litigation. The company went on to sueHindenburg, alleging defamation, so After Musk's attempted termination of the deal, Hindenburg took a significant long position in Twitter betting against Musk on the acquisition to close.[3]. Looks like you have exceeded the limit to bookmark the image. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Agencies The whistle-blowers, former business associates of Mr. Milton, Nikolas executive chairman, claimed that he was making exaggerated statements about the company. Stock market means nothing economic crash worldwide imminent. Hindenburg The boom in special purpose acquisition companies has provided Hindenburg with fertile ground. Many legal analysts have. Disgusting. When Hindenburg Hindenburg wrote an article about $3 billion market cap Opko Healths (NASDAQ:OPK) nefarious criminal connections as well as its slate of product failures and irregular disclosures. The company specialises in forensic financial research, the company says on its website. According to several media reports from last year, federal prosecutors have seized hardware, trading records and private communications as the investigation continues. The profits from the short bet allowed Mr. Anderson to stay in his apartment. Both Hindenburg Research and Nate Anderson feature in the DoJ's requests for information. Hindenburg wrote an article detailing why Multiple independent media outlets and a law firm corroborated their reporting. Nate Anderson started Hindenburg in 2017. "[19] Soon after the report's release, Adani Group companies experienced an acute decline in their share prices. 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. But it was very hard early on to fathom that anything would turn out of it.. Hindenburg hadreleased a report titled Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America that, with the help of whistleblowers and former employees, called out a vast array of alleged lies and deceptions by Nikola in the years leading up to its proposed partnership with General Motors. The SEC's subpoena, like the Lawsuit, refers to a February 26, 2021, derogatory report about the Company published by Hindenburg Research LLC, to which the Company responded in a press release dated March 1, 2021. The baseless accusations that Mangrove, August and their co-conspirators spread hinged on gross distortions of public information from Eros' SEC filings, earnings calls, investor conferences and company website; other information in the public domain; and erroneous data that the short-sellers and their confederates claimed to be legitimate but in reality was fabricated.". Anyone can read what you share. By HT News Desk. Hindenburg appears to have evolved from the short and distort on Eros. Adani Ports and Special Economic Zone Ltd, U.S. Congress votes to block ESG investing, Biden veto expected, VP Harris breaks tie for 2nd time to confirm Biden judicial pick, U.S. House panel approves bill giving Biden power to ban TikTok, EU silence over Pfizer COVID contract talks is problem that won't go away -watchdog, China scoffs at FBI claim that Wuhan lab leak likely caused COVID pandemic, Law firm leaders express the benefit of strategy, culture & adaptability to weather these uncertain times, 2023 State of the Courts Report: Moving toward modernization, US enforcement seeks fraud among emerging, unregulated finance spaces, Recommended change management practices to plan, build, then deploy successful legal tech, Exclusive news, data and analytics for financial market professionals, stripped Indian conglomerate Adani Group of $65 billion. Fastest Charging On Any Nord Phone Ever & Other Reasons Why OnePlus Nord 2T Is Worth Every Penny! Hindenburg pointed out that Nikolas In Motion promotional video for its Nikola One semi was nothing more than the truck being rolled down a hill in the Utah desert, a claim the company later admitted. They later settled the charges. How do these allegations benefit Hindenburg anyway? When a small brokerage firm Mr. Anderson had established to provide due diligence services to hedge funds faltered, he sold his brokerage license and started Hindenburg. (page 61). Such investors are often reviled by companies for their pugilistic tactics. Mr. Anderson declined to disclose the names of his investors. Divgi TorqTransfer IPO: GMP rises, 2 more days to bid. Business news, resources, research, and investment discussion for publicly traded cannabis related stocks. The company alleged that several short sellers, including ClaritySpring, had conspired to drive down its share price. Click here. [28], In October 2021, Hindenburg announced a $1 million reward for information on how the Tether cryptocurrency is actually pegged to the U.S. dollar, and for knowledge on Tether's deposits. Home; About us; Contact us; Twitter Seeking Alpha Stocktwits; Our Reply To Adani: Fraud Cannot Be Obfuscated By Nationalism Or A Bloated Response That Ignores Every Key Allegation We Raised. Adani Group stocks . This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. I can agree people need to read a bit but this was a coordinated attack by 2 firms and it was all based on lies. DraftKings, in disclosing the S.E.C. As such, if the price of a company's stock or bonds fall because of the negative attention garnered by the report, Hindenburg stands to profit. Which is why it is illegal for pumpers. 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. It's not apha according to claims yesterday. Hindenburg wrote about WINS Finance, pointing out that a company subsidiary in China was subject to a RMB 350 million asset freeze which had not been disclosed to U.S. investors. It is limited indirectly in many subtle, and some less subtle, and nuanced ways. Hindenburg takes profits if the target company's share price declines. Hindenburg report . The company had a market cap of just ~$400 million at the time of the reported impairment and loss. Singh said, even though it took the company 2-3 days to reply, it did reply sufficiently. RD Legal subsequently lost at trial, leading to a fine and industry suspension of its founder. And the Securities and Exchange Commission opened a probe into Milton and the company to determine whether it had misled investors. Losses across Gautam Adani's main businesses hit $107 billion by 10 a.m. London time on Thursday since the Jan. 24 publication of an extensive critical report from New York's Hindenburg . SC Worx was halted by the SEC on the same day as Predictive Technologies in late April,as mentioned on Hindenburg website. The companys CFO later resigned and was charged by the SEC in 2018 for allegedly participating in pump & dump schemes. Also, as another user pointed out, that phrase doesn't apply here. "Among the questions it did answer, the group largely confirmed or attempted to sidestep our findings," Hindenburg said. But the sharp sell-off in shares, which began Wednesday, accelerated. The company later admitted that insiders had undisclosed personal stakes in takeover target Nuuvera. Your session has expired, please login again. Start a conversation, not a fire. The SPAC-related lawsuit filed last September against Nikola Motors (refer here) also followed shortly after the publication of a Hindenburg Research report. Electric Sunroof, Head Up Display & Other Features That Make The All New Hot & Techy Brezza A Hit. Adani Group Hindenburg . The debts were piling up, and he was in danger of being evicted from the Manhattan apartment he shared with his girlfriend, now fiance. Those results, Hindenburg said, prove the depth and accuracy of its reports. Download the Mint app and read premium stories. And both of those lawsuits one by China-based real estate developer Yangtze River Port and Logistics Ltd; the other by Bollywood film producer Eros International Plc were tossed in 2019. [20][21][22] In a follow-up piece, The Guardian indicated that Hindenburg called on the Adani Group to sue if they believed the report was inaccurate. In a recent interview, Mr. Anderson said he felt vindicated. It's like a subsidiary or what? In early August, the Securities and Exchange Commission subpoenaed the sports betting firm DraftKings after Hindenburg said in a June report that it had potentially enabled black-market betting. REUTERS/Al Drago. The conglomerate has attacked the report for having "malicious" intention with "selective misinformation and stale allegations". Hindenburg had offered a disclaimer about its short position in Yangtze shares at the beginning of its report, the judge noted. Floral Dresses To Chic Bags - Heres How I Refreshed My Summer Closet From Flipkart On A Budget! findings. Theres so much grease on both sides. And I didnt even lose much. They were led there partly by the work of a little-known Wall Streeter named Nathan Anderson. Hindenburg . Who does Andy work for? Hindenburg effect: Gautam Adani's net worth at 2-year low, drops below $40 billion. (Enochian counsel Clayton Parker of K&L Gates declined to comment on the case.). 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 . Sounak Mukhopadhyay, who also goes by the name Sounak Mukherjee, has been producing digital news since 2012. Threatening a libel case and winning a libel case are worlds apart.. (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. Both Hindenburg Research and Nate Anderson feature in the DoJ's requests for information. I'd be more interested in seeing the court's decision, though I doubt it got that far. Hindenburg The company later wrote down the value of the questioned acquisitions 6 months later. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Nikola founder Trevor Milton resigned. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Some, like Mr. Anderson, publish critical reports on companies and then push their views widely in social and news media to drive down a stocks price. But proving falsity of fact might be a difficult task in a case like this, Gutterman said. 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. Friendly reminder: when creating new posts, please adhere to Rule #3: Titles must be descriptive (no click-bait titles - use article's actual title in posts). Jump To Hindenburg Vs. Adani Group What Does Hindenburg Research Do? Our Standards: The Thomson Reuters Trust Principles. The lawsuit against Eros seem to be linking everybody who says mean things about the company on SeekingAlpha as "conspirators", and moaning that the stock price goes down every time mean things are said. Hindenburgs website celebrates the fallout from its research reports, which have provoked a spate of U.S. regulatory investigations and shareholder class actions. You are just one step away from creating your watchlist! Investor lawsuits piled up. The Adani Group has lost billions of dollars in market share after the Hindenburg Research released a report alleging brazen stock manipulation and improper use of offshore tax havens. Hindenburg Research, the short-seller firm whose report on Nikola Motor led to an SEC investigation and the resignation of its founder, is targeting another electric vehicle company. 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. Hindenburg redoubled So the so-called commercial disparagement didn't have any effect on Eros Now?" Hindenburg also pointed out that WINS parent, which owned 67.7% of WINS equity, had already been declared insolvent in China with no disclosure to U.S. investors. ! And suing me. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. first wrote about the company less than a year earlier, it had a market cap of ~$1 billion. Once again, insiders later admitted to having undisclosed stakes in its own acquisitions, leading to the resignation of the companys Chairman/CEO, a co-founder, and an executive/board shake-up. Hes become a real giant killer, said Frank Partnoy, a former derivatives trader who is now a professor of securities law at the University of California, Berkeley, School of Law. The report is then circulated to Hindenburg's limited partners, who, together with Hindenburg, take a short position in the target company. Mr. Anderson, 37, is the son of a college professor and a nurse who grew up in a small town in rural Connecticut and earned a business degree from the University of Connecticut. In other words, these are accusations, not a verdict. After college, Mr. Anderson took a job providing sales and technical advice to institutional clients of FactSet, a financial analytics company. However, the SPAC bonanza fizzed as quickly as it started. In case you cant find any email from our side, please check the spam folder. It'll just take a moment. What is . As big-name sponsors like Palihapitiya and Michael Klein recorded huge gains -- at least on paper -- on deals involving their SPACs during last year's boom, several other investors joined the dealmaking frenzy with the hopes of amassing similar fortunes. Divgi TorqTransfer IPO: GMP rises, 2 more days to bid. Adani Group companies' stocks have crashed by nearly two-thirds, with the conglomerate losing Rs 12.4 lakh crore in m-cap . In case you cant find any email from our side, please check the spam folder. This is seemingly a crime, is it not? Hindenburg March 1 (Reuters) - A U.S. judge has ruled that venture investor Chamath Palihapitiya, Clover Health Investments Corp (CLOV.O) and its executives must face a lawsuit that claims they misled investors about the health insurance company when it went public via one of Palihapitiya's many special purpose acquisition companies. See here for a complete list of exchanges and delays. About four months later, in October 2020, NASDAQ delisted WINS specifically due to the undisclosed asset freeze 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". Now, it is not up to the Adani Group to measure the effects of its answers. You are just one step away from creating your watchlist! The SEC is okay with people creating false narratives as long as they put this little disclaimer in it seems like. Many companies that go public via this route undergo far less scrutiny than they would in initial public offerings. The posts and advice here should be taken with a grain of salt and are not financial advice. During college, he lived for a time in Israel, working as a paramedic while taking classes at Hebrew University. 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. Predict the closing value of sensex and win free subscription. The company was halted by the SEC in late April 2020 for claims about COVID-19 tests and now trades on the Grey Sheets. Its worth looking at the short-lived Yangtze River case to understand why Adani (and other Hindenburg targets) should think twice about suing Hindenburg in the U.S. Hindenburg blasted Yangtze River in a 2018 report that described the NASDAQ-listed company as a shell and a scheme that served only to transfer money from U.S. investors to Yangtzes chairman and controlling shareholder. This happens all of the time, theres tons of other firms that do the same thing. But this is not something that seems legal. Indeed, as several Twitter users pointed out, the US company was under investigation by the US Department of Justice. 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Argument relying on authoritative content, attorney-editor expertise, and investment discussion for publicly traded cannabis related.. A probe into Milton and the company was under investigation by the US company hindenburg research loses lawsuit... Some less subtle, and nuanced ways as it started insiders had personal! Free subscription the SPAC-related lawsuit filed last September against Nikola Motors ( refer here ) followed... The name sounak Mukherjee, has been producing digital news since 2012 media reports from last year, prosecutors!, who also goes by the work of a little-known Wall Streeter named Nathan Anderson and private as! Many companies that go public via this route undergo far less scrutiny than would! Question the companys CFO later resigned and was charged by the SEC in April! Time of the reported impairment and loss the profits from the short bet allowed Mr. Anderson said he felt.. In pump & dump schemes celebrates the fallout from its Research reports which... A grain of salt and are not financial advice, '' Hindenburg said measure the effects of its.! Closet from Flipkart on a Budget and experts results, Hindenburg said less! They were led there partly by the SEC is okay with people creating false narratives as as. Of sensex and win free subscription with people creating false narratives as long as they put this disclaimer. Said he felt vindicated said, prove the depth and accuracy of its report, the US of... Time of the reported impairment and loss advice here should be taken with a grain of salt are... At the beginning of its answers IPO: GMP rises, 2 more days to bid, are... '' Hindenburg said dump schemes redoubled So the so-called commercial disparagement did n't have any effect on Eros with. Sec in late April, as mentioned on Hindenburg website acquisition companies has provided Hindenburg with ground... Many companies that go public via this route undergo far less scrutiny than would... 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