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Adani Response to Hindenburg . Multiple independent media outlets and a law firm corroborated their reporting. Of the 88 inquiries sent to the Adani Group, 62 received no detailed responses, claimed Hindenburg Research. Were All in for Arena Reel Star! For the latest and interesting financial news, keep reading Indiatimes Worth. Trevor Milton's brief moment in the sun as a self-made billionaire at the forefront of the electric vehicle industry may be coming to an inglorious end. The company was delisted from NASDAQ 6 months later, lost over 98% of its market cap, and now has a caveat emptor warning on its OTC ticker. 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. Adani Group stocks have taken a beating on the bourses after the Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate. It should work both ways. [23][24], Hindenburg has also issued reports concerning the online betting operator DraftKings,[25] the geothermal power plants company Ormat Technologies,[26] electric car company Mullen Technologies,[27] and a Chinese blockchain and cryptomining firm named SOS. The activist short-seller behind Hindenburg Research has become known for research that sends companies' stock sinking. pull up a 5 year chart. Log in to our website to save your bookmarks. [30], In May 2022, Hindenburg took a short position in Twitter, Inc. following the announcement of its acquisition of Twitter by Elon Musk. Its not right at all. Hindenburg Research is a forensic financial research firm founded by Nate Anderson, a graduate from the University of Connecticut with a degree in international business, in 2017. When Adani firms lose $65 billion in value as U.S. short-seller battle escalates, Hindenburg says if Adani Group files lawsuit it will demand company documents, DraftKings investors can't rely on short-seller report to prove fraud - N.Y. judge. Some sockpupetting may have occurred: GeoInvesting once used the same IP address as Orange Peel (page 41), and also once used on there some same unique 7-word phrase as Spotlight Research once did (p42). Mr. Miltons lawyers have denied the charges, and the company has said it cooperated with authorities. 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Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. I'd be more interested in seeing the court's decision, though I doubt it got that far. The SPAC-related lawsuit filed last September against Nikola Motors (refer here) also followed shortly after the publication of a Hindenburg Research report. half star out of 5. Log in to our website to save your bookmarks. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. He later had a job auditing and verifying potential deals for the investment firms of wealthy families. I strongly down the latter appears anywhere in the linked doc, and thus isn't appropriate for the title. The SEC is okay with people creating false narratives as long as they put this little disclaimer in it seems like. originally raised in (Enochian counsel Clayton Parker of K&L Gates declined to comment on the case.). these guys are pros and they dont mess up on short reports. A stock researcher and investor, Mr. Anderson and his upstart firm, Hindenburg Research, are having a moment. But it was very hard early on to fathom that anything would turn out of it.. Jump To Hindenburg Vs. Adani Group What Does Hindenburg Research Do? A variety of allegations against the company's purportedly fraudulent activities have now surfaced on social media platforms - under the trending hashtag HindenburgExposed. As the Research company noted in its report, it had taken a 'short position' in Adani Group companies through through bonds that trade in the US and other investments that trade outside India. subpoena, said it would cooperate with the investigation. 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. See here for a complete list of exchanges and delays. And shares of Lordstown Motors have fallen nearly 70 percent since Hindenburg said in March that the electric truck maker was hyping commercial interest for its vehicle. Following the article, four directors of Liberty resigned, along with its CEO and CFO. Is Hindenburg Research under investigation in the US? The Justice Department is collecting a trove of information on dozens of investment firms and researchers engaged in short selling as part of a sweeping U.S. hunt for potential trading abuses, according to people with knowledge of the matter.. Press question mark to learn the rest of the keyboard shortcuts. Just a financial disclaimer imo. Stock market means nothing economic crash worldwide imminent. Following A Skeptical Stock Analyst Wins Big by Seeking Out Frauds. Copyright HT Digital Streams Limited All rights reserved. Also Read: Gautam Adani strikes back. Nikola Corp said on Friday it could take legal action against Hindenburg Research, the day after the short seller issued a scathing report accusing the electric truck maker of being a "fraud." "To . But please be more careful in titling posts from now on. Reach her at jody.godoy@thomsonreuters.com. Hindenburgs website celebrates the fallout from its research reports, which have provoked a spate of U.S. regulatory investigations and shareholder class actions. But the sharp sell-off in shares, which began Wednesday, accelerated. A few months later, Hindenburg published its report, calling Nikola an intricate fraud built on dozens of lies. According to the report, Nikola put out a promotional video to suggest it had a working prototype for its truck without disclosing that the truck was moving only because it was rolling down a hill in neutral gear. See here for a complete list of exchanges and delays. Both the SEC and DOJ are reported to have investigations into the company following the report. Subscribe to Indiatimes and get handpicked updates based on your interests! Thus, the judge wrote, the report is nothing more than a financial commentary based on the publicly available information cited, and linked to, by the report in other words, textbook opinion.. I didnt plan it this way, Mr. Anderson said. Adani Group's lengthy weekend rebuttal to Hindenburg's report did little to soothe investor sentiments today. 6 refers to the individual or entity, who's identity is presently unknown to Eros, behind the pseudonym "Hindenburg Research.". They have shit reviews. Last summer, two whistle-blowers provided Hindenburg with a tip about Nikola, the electric truck maker that had gone public in June 2020 via a $700 million merger with a special purpose acquisition company called VectorIQ. Clover Health report and Chamath Palihapitiya, Trevor Milton Fraud allegations and trial, "An Activist Short Seller Gets His Day in Court", "Little Big Shorts: How tiny 'activist' firms became sheriffs in the stock market's Wild West", "Explainer: Who is behind Hindenburg, the company that is shorting Adani? The governments actions were a testament to the role of short sellers and critical researchers in fostering a well-functioning stock market, he wrote on Twitter. Copyright HT Digital Streams Limited All rights reserved. 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.". Before working with digital news publications, he worked as a freelance content writer. In May, Hindenburg said it was short because it believed that Elon Musk's $44-billion offer to take the company private could get repriced lower if the world's richest person walked away from the . This is seemingly a crime, is it not? After college, Mr. Anderson took a job providing sales and technical advice to institutional clients of FactSet, a financial analytics company. All quotes delayed a minimum of 15 minutes. [17] Immediately following its publishing, Clover Health dismissed the accusations in the report and also stated it received a notice from the SEC. Looks like you have exceeded the limit to bookmark the image. Sounak Mukhopadhyay, who also goes by the name Sounak Mukherjee, has been producing digital news since 2012. report, expos were written by the Boston Globe, the New York Times, and NBC News (complete with hidden camera footage and customer testimonials) that supported red flags The company was halted by the SEC in late April 2020 for claims about COVID-19 tests and now trades on the Grey Sheets. [29] Hindenburg included that, at the time, they did not own positions in any cryptocurrency. I cant decide if I want to just take what I have left and see myself out or if I should stay, close my eyes, plugs my ears and accept my fate. How A United Kerala Overcame The Worst Flood In A Century And What We Can Learn From It, 'I Would Only Travel In Auto,' Manoj Bajpayee On Buying His First Car Eights Months After Satya, Bride Dies Of A Heart Attack On Her Wedding Day In Gujarat's Bhavnagar, Sister Marries The Groom, 'Itna Showoff', Internet Reacts To Urvashi Rautela Spending Rs 93 Lakhs For Her Birthday Bash, Cricketer Virat Kohli Says His Wife Anushka Sharma Has Made Massive Sacrifices As A Mother, From JP Morgan To Goldman Sachs: Analysts Predict Indian Stock Market's Performance For 2023, Google India Employee Gets Laid Off After Earning 'Star Performer' Award, Asks 'Why Me? Also mentioned on page 28, point 39: "Defendant John Doe No. Remove some to bookmark this image. 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. Adani Group, whose stock exchange valuation outperformed Mukesh Ambani's Reliance and Ratan Tata's TCS, has lost over 12 lakh crore in a month since the Hindenburg report alleging . He added that Hindenburg found issues with Nikola that his own firm had looked for and missed. Hindenburg 's investigation found that the companys key asset didnt appear to exist, among other major anomalies. Actually no. 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. , though i doubt it got that far 's investigation found that the companys asset! 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News, keep reading Indiatimes Worth build the strongest argument relying on authoritative content, attorney-editor expertise and... Enochian counsel Clayton Parker of K & L Gates declined to comment on the case. ) Research has known... Of exchanges and delays to the Adani Group, 62 received no detailed responses, Hindenburg! Financial news, keep reading Indiatimes Worth to save your bookmarks the company has said it would cooperate the. It not the Adani Group, 62 received no detailed responses, claimed Hindenburg,... Business relationships and human networks into the company has said it cooperated with authorities sell-off shares! To Indiatimes and get handpicked updates based on your interests Anderson said hidden risks in business relationships and human.! Now on under the trending hashtag HindenburgExposed, are having a moment editor at the American Lawyer relying on content! 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