Hindenburg had offered a disclaimer about its short position in Yangtze shares at the beginning of its report, the judge noted. Adani Group stocks . Before joining Reuters, she was a writer and editor at The American Lawyer. They should first face the people who have suffered financial losses due to their report, he added. Oops! [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. 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. The industry leader for online information for tax, accounting and finance professionals. All quotes delayed a minimum of 15 minutes. Hindenburg said Thursday that it stood fully by its report and believed any legal action would be "meritless." "If Adani is serious, it should also file suit. Hindenburg's research. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Frankel is the author of Double Eagle: The Epic Story of the Worlds Most Valuable Coin. The Eros case naming Hindenburg, Anderson and ClaritySpring is another example. 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.". Please invest at your own risk. But discussing a company's shortcomings is normal amongst investors, Clarity and Hindenburg haven't been pulled into the sockpuppeting (as far as I can see) and the judge has told Eros this week that civil conspiracy isn't a thing in New York state. The company has raised $160 million from U.S. public market investors this month alone. As a subscriber, you have 10 gift articles to give each month. In late 2018 the companys Chairman/CEO and the company itself were all charged with fraud by the SEC. Click here. But as claims and counter-claims take over social media, the facts are a tad more nuanced than Twitter trends would have you believe. Among dozens of other issues, Hindenburg wrote that Genius Brands, then trading at about $6.86 per share, would soon become a $1.50 stock due to extreme retail euphoria and pending dilution. As one post put it, they were not specialists who exposed fraudulent activity - they themselves were frauds." So the so-called commercial disparagement didn't have any effect on Eros Now?" Friday's losses will reduce that gap. 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. The profits from the short bet allowed Mr. Anderson to stay in his apartment. You are now subscribed to our newsletters. Now let us look at Hindenburg research's track record over the past six years 1. Download the Mint app and read premium stories. 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. half star out of 5. [18], In January 2023, Hindenburg revealed that it had short positions in India's Adani Group and flagged debt and accounting concerns. Looks like you have exceeded the limit to bookmark the image. A Skeptical Stock Analyst Wins Big by Seeking Out Frauds. I strongly down the latter appears anywhere in the linked doc, and thus isn't appropriate for the title. We Say, Yes! Yangtzes lawyer from Sichenzia Ross Ference did not respond to my query. 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. Once lawyers are involved,they will take all the ill gotten gains by Hindenburg away from them and they will be fined. My reality is so different than that and they are potentially about to take my hard earned money, basically everything. Its not right at all. Your session has expired, please login again. The activist short-seller behind Hindenburg Research has become known for research that sends companies' stock sinking. Following the article, four directors of Liberty resigned, along with its CEO and CFO. The SEC has launched an investigation into Hindenburg's claims. 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. 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.. Updated: 07 Feb 2023, 06:47 AM IST Livemint Adani Group has seen wealth erosion of about $118 billion, or more than half of the market value of its companies since the report. Understood. [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. Create an account to follow your favorite communities and start taking part in conversations. But more than that, Im glad were starting to make a real-world dent, he added. https://discord.gg/pennystocks, Press J to jump to the feed. I hope you arent looking into them, now you can see how shit they actually are. Hindenburg wrote an article identifying that Aphria (NYSE:APHA) made yet another series of highly irregular, overvalued acquisitions that had hallmarks of insider self-dealing. 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. What is . Hindenburg Research (@HindenburgRes) July 13, 2022 Musk said Friday that he was walking away from his deal to take over the company due to concerns about bots. Hindenburg Hindenburg has five full-time staffers, including Anderson, that often spend up to three to six months researching a stock before they release a report about it. Hindenburg wrote about SC Worx (NASDAQ:WORX), stating that the companys announced COVID-19 testing deal looked to be completely bogus. Copyright HT Digital Streams Limited All rights reserved. EDIT: Also, fair warning to other users. In February 2021, short-selling firm Hindenburg Research accused Clover of concealing the DOJ probe, sending Clover shares down 10% and prompting investors to sue. Mr. Anderson and his team said Lordstown was making overly optimistic claims, including statements by its founder and chief executive, Steve Burns, that the company had 100,000 expressions of interest from commercial buyers for its electric pickup truck that had yet to roll off the assembly line. Mr. Miltons lawyers have denied the charges, and the company has said it cooperated with authorities. 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. Hindenburg effect: Gautam Adani's net worth at 2-year low, drops below $40 billion. Pumpers are bad but shorts are okay? Those results, Hindenburg said, prove the depth and accuracy of its reports. article, Bloom announced a massive restatement of nearly four years of its financials due to material accounting errors relating to its service agreements involving every quarter since it went public. 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. About 10 deep-pocketed investors bankroll some of the firms operations, and some of them make their own short bets alongside Hindenburg. Hindenburg . pull up a 5 year chart. Another mention on page 41, (point 96): "The newest accessory to Defendants' relentless scheme is an anonymous persona named "Hindenburg Research." Predict the closing value of sensex and win free subscription. It's like a subsidiary or what? 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. 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. They later settled the charges. A Trending Reel Challenge That Can Win Us a Brand-New Swift? But to take a short position then create FRAUDULENT stories and twist it in a way that it makes you money, that is not okay. Hindenburg 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. [2] Following the release of the report, Nikolas stock dropped by 40%[7] and a Securities and Exchange Commission (SEC) inquiry was opened. His company Clarity Spring appears as a separate entity (with less than 30k capital) Therefore, I wonder - in his decision to write in 2018 with the Hindenburg moniker - we can assume a similar group of illegal shorters are involved in this weeks Aphria short and distort campaign, Check my comment history for the other half of that subpoena. 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. But what is more interesting is the mention of a small player in last years short attack: Clarity Spring Securities. A stock researcher and investor, Mr. Anderson and his upstart firm, Hindenburg Research, are having a moment. 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". Fastest Charging On Any Nord Phone Ever & Other Reasons Why OnePlus Nord 2T Is Worth Every Penny! He desperately needed a win. A reasonable reader, he said, would understand that they were sharing opinions about Eros based on news about the company.. Published on January 29, 2023 January 30, 2023 Read Report. However, the SPAC bonanza fizzed as quickly as it started. The company had a market cap of just ~$400 million at the time of the reported impairment and loss. (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. Hindenburg Research is one of the most high profile short sellers in the market and is known in the last year for its short call on electric vehicle maker Nikola Corp. Nikola founder Trevor. Hindenburg was subsequently dismissed. The SEC is okay with people creating false narratives as long as they put this little disclaimer in it seems like. The company went on to sueHindenburg, alleging defamation, so DraftKings, in disclosing the S.E.C. 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? Hindenburg wrote on Predictive Technology Group (OTC:PRED), calling into question the companys COVID-19 related press releases. Hindenburg The hard part is that they are sleeping and eating well. Copyright HT Digital Streams Limited All rights reserved. you should look at hindenburgs track record. 6 refers to the individual or entity, who's identity is presently unknown to Eros, behind the pseudonym "Hindenburg Research.". [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. As always, the company will focus on business, he added. 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 company alleged that several short sellers, including ClaritySpring, had conspired to drive down its share price. Founded in 2017, Hindenburg specializes in publishing detailed reports about publicly traded companies, poking holes in their stories and alerting investors to potential malfeasance. Adani vs Hindenburg . 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? Concurrently, Hindenburg released a report claiming that Indian conglomerate Adani Group "has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades. As Hindenburg intended, Lordstown stock dropped Friday. It'll just take a moment. (page 61). Hindenburg wrote an article detailing why Today, Hindenburg employs a mix of former journalists, including from Bloomberg and CNN, and analysts, who have all been working remotely during the pandemic. Hindenburg wrote about China Metal Resources Utilization, calling it a zombie company with 100% downside. it thought Bloom Energy (NASDAQ:BE) had billions of dollars in undisclosed off-balance sheet liabilities. The majority of Adani Group shares continued to decline sharply through January 30 as the Indian conglomerate's thorough denial of Hindenburg's charges failed to appease investors, whose market losses have already reached $65 billion over three days. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. On my streams I have one thats like By using this info you agree to hold harmless for inaccuracies or discrepancies basically just protects me from someone being like Trev said it would go to $5! The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. It is pertinent to note however that the firm has not been accused or charged with any wrongdoing at present. Involved, they will take all the ill gotten gains by Hindenburg away from them and they potentially. Its share price suffered financial losses due to their report, he added several short sellers, including ClaritySpring had. A disclaimer about its short position in Yangtze shares at the time of the Worlds Valuable... Have 10 gift articles to give each month taking part in conversations by away. And experts own short bets alongside Hindenburg with all laws and disclosure requirements Most Valuable.... Little disclaimer in it seems like have exceeded the limit to bookmark the.... Are having a moment: //www.clarityspring.com/nathan-anderson-ceo/, https: //discord.gg/pennystocks, Press J to to! 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