The defamation case is still going through the New York courts and was, in fact, in front of the judge this week [PDF] - to my mind it doesn't seem to be going that well for Eros, the judge asking, "What happened to Eros Now? 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. Following the article, four directors of Liberty resigned, along with its CEO and CFO. Hindenburg Research LLC is an investment research firm with a focus on activist short-selling founded by Nathan Anderson in 2017 and[2][3] based in New York City. Hindenburg are mentioned on page 45 of that PDF by the way - Clarity Spring has admitted to knowing or doing business with him, and they appear to be sharing a lawyer. 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. Short sellers see themselves as financial detectives, sniffing out corporate wrongdoing or inflated stock prices. 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". 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. Pefectly fine, it's up to people to read and believe whatever they want. Looks like you have exceeded the limit to bookmark the image. The hard part is that they are sleeping and eating well. This is seemingly a crime, is it not? report, expos were written by the Boston Globe, the New York Times, and NBC News. Now, it is not up to the Adani Group to measure the effects of its answers. Alison Frankel has covered high-stakes commercial litigation as a columnist for Reuters since 2011. A Trending Reel Challenge That Can Win Us a Brand-New Swift? Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. As Hindenburg intended, Lordstown stock dropped Friday. A variety of allegations against the company's purportedly fraudulent activities have now surfaced on social media platforms - under the trending hashtag HindenburgExposed. A stock researcher and investor, Mr. Anderson and his upstart firm, Hindenburg Research, are having a moment. The company was halted by the SEC in late April 2020 for claims about COVID-19 tests and now trades on the Grey Sheets. Probably come home from work with a huge hug from their kids. Theres so much grease on both sides. Hindenburg 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. Clover, which sells Medicare-backed insurance plans, went public through a $3.7 billion deal with a Palihapitiya-backed SPAC in October 2020. For the latest and interesting financial news, keep reading Indiatimes Worth. The whistle-blowers, former business associates of Mr. Milton, Nikolas executive chairman, claimed that he was making exaggerated statements about the company. Electric Sunroof, Head Up Display & Other Features That Make The All New Hot & Techy Brezza A Hit. Adani Group stocks . [ 1, 2] Part I: Kandi's Extensive History of Fraud Allegations The boom in SPAC deals such companies have raised nearly $200 billion since the beginning of 2020 has provided rich material for Hindenburg to investigate. They have this one line in their disclaimer that seems quite nefarious and completely out of line. Hindenburg A regulatory crackdown led by the U.S. Securities and Exchange Commission, coupled with the poor financial performance of a majority of SPACs, spooked investors and triggered a huge selloff. 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? Since last week, the Hindenburg report has caused a significant wipe-out in seven of the Adani group's listed companies. Hindenburg has a track-record of finding corporate wrongdoings and placing bets against the companies..Adani Group . subpoena, said it would cooperate with the investigation. Hindenburg effect: Gautam Adani's net worth at 2-year low, drops below $40 billion. By the end of July, just under two months later, shares were trading at $1.50, a decline of almost 80%. 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 Securities and Exchange Board of India (SEBI) may allege that a certain investor suffered financial loss as the Hindenburg Research is based on lies, according to Adani Group CFO Jugeshinder Singh. 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'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. Singh has also said that the company answered all the questions raised by US short seller Hindenburg Research. However, the SPAC bonanza fizzed as quickly as it started. Months after The Eros case naming Hindenburg, Anderson and ClaritySpring is another example. "Among the questions it did answer, the group largely confirmed or attempted to sidestep our findings," Hindenburg said. Its what they bank on and it works. Ordinary investors hate them because their investments can suffer. The SPAC-related lawsuit filed last September against Nikola Motors (refer here) also followed shortly after the publication of a Hindenburg Research report. They have this one line in their disclaimer that seems quite nefarious and completely out of line. Hindenburg wrote an article detailing why The probe seeks to establish whether short-sellers used illegal trading tactics to drive down stock prices by sharing damaging research reports ahead of time. 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. Also, as another user pointed out, that phrase doesn't apply here. Anyway, there's some good conversation below about this, so I'll leave it up for now. The report is then circulated to Hindenburg's limited partners, who, together with Hindenburg, take a short position in the target company. The company had a market cap of just ~$400 million at the time of the reported impairment and loss. [12][13], In September 2020, Hindenburg Research published a report on the Nikola Corporation that included allegations of the company being "an intricate fraud built on dozens of lies" and argued that its founder, Trevor Milton, was responsible for much of the fraudulent activities. And I didnt even lose much. Understood. report, Ernst and Young withdrew as auditor after refusing to issue an audit opinion upon identifying accounting issues and undisclosed related party transactions. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Hindenburg says it specializes in "forensic financial research." In layman's terms, it looks for corruption or fraud in the business world, such as accounting irregularities and bad actors in . 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. Couldn't agree more with this. While the Hindenburg vs. Adani Group saga continues, a question that pops up in mind is whether this is the first time Hindenburg Research has made such allegations against a company. Mr. Miltons lawyers have denied the charges, and the company has said it cooperated with authorities. also raised questions about the CEO, who is a convicted felon, and the track record of the companys claimed COVID-19 testing partner, which was run by a convicted rapist. The investor lawsuit seeks damages for investors who owned shares between October 6, 2020, when the deal with Clover was announced, and February 3, 2021, when Hindenburg published the report on Clover. Hindenburg 's investigation found that the companys key asset didnt appear to exist, among other major anomalies. I think my spaceship knows which way to go http://www.clarityspring.com/nathan-anderson-ceo/, https://www.barrons.com/articles/marijuana-stock-aphria-down-on-short-seller-report-1543855963. You really have to admire his perseverance to just keep his head down, keep pushing, keep learning, keep getting better, and he really I think about a year ago hit, Mr. Block said. Who does Andy work for? Makes no sense to me. 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 . Press J to jump to the feed. Executive chairman, claimed that he was making exaggerated statements about the company 's purportedly fraudulent have..., so I 'll leave it up for now to the Adani 's. Hindenburg, Anderson and ClaritySpring is another example the companies.. 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