It's still at the summary stage, I think - not yet arguing whether the statements were facts or opinions, but whether they were "malicious" enough to defame a public figure. There are just so many outrageous companies, Mr. Anderson said. But proving falsity of fact might be a difficult task in a case like this, Gutterman said. The company's market cap has expanded to over $1 billion as of this writing, trading ~$13.62 per share, more than 6x its 52-week lows. It should work both ways. "Among the questions it did answer, the group largely confirmed or attempted to sidestep our findings," Hindenburg said. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. this stock is a classic pump and dump. Adani vs Hindenburg . Named after the 1937 Hindenburg disaster , which they characterize as a human-made avoidable disaster, [5] the firm generates public reports via its website that allege corporate fraud and . Press J to jump to the feed. Your session has expired, please login again. 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. Enjoy! The boom in special purpose acquisition companies has provided Hindenburg with fertile ground. [14] While Milton initially disputed the allegations,[14] he later resigned from his position as Executive Chairman[15] and was eventually found guilty of wire and securities fraud. Lordstown was also planning to go public through a SPAC and had earlier attracted the attention of former President Donald J. Trump as well as General Motors, which sold the company its assembly plant in Lordstown, Ohio. As one post put it, they were not specialists who exposed fraudulent activity - they themselves were frauds." Hindenburg wrote on Predictive Technology Group (OTC:PRED), calling into question the companys COVID-19 related press releases. 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. I am even basically. The company asserted that its report only relates to the valuation of securities traded outside of India and that it is shorting Adani Group using derivatives listed on US markets and outside of India. Theres so much grease on both sides. If the stock does fall, the short seller buys the now-cheaper shares back, returns them to the broker and pockets the difference. Nates killing it right now, said Mr. Block of Muddy Waters. The activist short-seller behind Hindenburg Research has become known for research that sends companies' stock sinking. In such a case, the regulatory body can take legal action. [1/2]An American flag waves outside the U.S. Department of Justice Building in Washington, U.S., December 15, 2020. 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. With a $21 billion loss, Adani Total Gas came out on top. Short sellers see themselves as financial detectives, sniffing out corporate wrongdoing or inflated stock prices. Palihapitiya has been dubbed the "SPAC King" for his run of so-called "blank check" firms, which are empty shells of cash that are raised for the specific purpose of merging with a private target within two years of the SPAC being listed. I wonder why the opposite of pumping (this, tanking) is not? 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. The posts and advice here should be taken with a grain of salt and are not financial advice. They kind of deserve it at that point. On July 29, when federal authorities announced they had charged Trevor Milton of Nikola with securities fraud, the companys shares plunged 15 percent. It is not a court decision. Both the SEC and DOJ are reported to have investigations into the company following the report. 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. 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. But it was very hard early on to fathom that anything would turn out of it.. Hindenburg Report . 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. In late 2018 the companys Chairman/CEO and the company itself were all charged with fraud by the SEC. He desperately needed a win. 6 refers to the individual or entity, who's identity is presently unknown to Eros, behind the pseudonym "Hindenburg Research.". Eros claimed that Hindenburg Research was actually created by the conspirators to serve as a persona to spread misinformation about the Indian film company. You are now subscribed to our newsletters. 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. Its not an act of public service. 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. [ 1, 2] Part I: Kandi's Extensive History of Fraud Allegations Following [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. The SEC has launched an investigation into Hindenburg's claims. [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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. A Skeptical Stock Analyst Wins Big by Seeking Out Frauds. Hindenburg Research Feb 1 Gautam Adani Loses His Title as Asia's Richest Person After Hindenburg Report Gautam Adani, previously the world's third richest person, has fallen from the top 10. Altruistic motivations aside, the current situation can make Hindenburg money. All quotes delayed a minimum of 15 minutes. [30], In May 2022, Hindenburg took a short position in Twitter, Inc. following the announcement of its acquisition of Twitter by Elon Musk. About four months later, in October 2020, NASDAQ delisted WINS specifically due to the undisclosed asset freeze Hindenburg report . identified. The war of words between Hindenburg Research and Adani group escalated on Monday after the US-based short seller shared its rebuttal to Gautam Adani-led conglomerate's 413-page response to . 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. Hindenburg's research. Electric Sunroof, Head Up Display & Other Features That Make The All New Hot & Techy Brezza A Hit. Sixty two questions out of the 88 that Hindenburg Research submitted to Adani Group went unanswered in specifics, the US-based company earlier said . Fastest Charging On Any Nord Phone Ever & Other Reasons Why OnePlus Nord 2T Is Worth Every Penny! A Trending Reel Challenge That Can Win Us a Brand-New Swift? But what is more interesting is the mention of a small player in last years short attack: Clarity Spring Securities. By HT News Desk. The hard part is that they are sleeping and eating well. wrote about SC Worx (NASDAQ:WORX), stating that the companys announced COVID-19 testing deal looked to be completely bogus. Not sure how their reports can make any stock go up or down. Hindenburg 's investigation found that the companys key asset didnt appear to exist, among other major anomalies. Hindenburg Hindenburg Clover has said that the enquiry was routine and not financially material to disclose. 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. (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. However, the SPAC bonanza fizzed as quickly as it started. It is pertinent to note however that the firm has not been accused or charged with any wrongdoing at present. Hindenburg Research LLC is an investment research firm with a focus on activist short-selling founded by Nathan Anderson in 2017 and based in New York City. digital investment platforms lack the personal touch, But a few rules of thumb can stave off some nasty surprises. Divgi TorqTransfer IPO: GMP rises, 2 more days to bid. Its what they bank on and it works. Published on January 29, 2023 January 30, 2023 Read Report. 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. It'll just take a moment. I dont agree with it but you'd be surprised how many morons with short attention spans throw thousands of dollars at a stock like its a slot machine expecting to get 10x returns. [8] Hindenburg disclosed that it has no short or long positions in Clover. Threatening a libel case and winning a libel case are worlds apart.. Nikola Founder and Executive Chairman Trevor Milton promptly resigned from the company, as mentioned on Hindenburg website. Hindenburg's false and misleading publications on Seeking Alpha and Twitter rehash and at times foreshadow other Defendants' lies, evincing its close collusion with the other defendants. Sounak Mukhopadhyay, who also goes by the name Sounak Mukherjee, has been producing digital news since 2012. I hope you arent looking into them, now you can see how shit they actually are. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Predict the closing value of sensex and win free subscription. Post with kindness. I'd be more interested in seeing the court's decision, though I doubt it got that far. For the latest and interesting financial news, keep reading Indiatimes Worth. Clover, which sells Medicare-backed insurance plans, went public through a $3.7 billion deal with a Palihapitiya-backed SPAC in October 2020. Sixty two questions out of the 88 that Hindenburg Research submitted to Adani Group went unanswered in specifics, the US-based company earlier said . The settlement figure was reportedly $1.8 million. 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. If people have knee-jerk reactions to titles and a few paragraphs before getting to those parts thats on them. Moreover, he said that the Adani Group had attached relevant documents in support of each answer. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. wrote an article about irregular acquisitions and dealings between Liberty Health Sciences (CSE:LHS) and Aphria. Copyright HT Digital Streams Limited All rights reserved. Hindenburg Well, the answer is no. The SPAC-related lawsuit filed last September against Nikola Motors (refer here) also followed shortly after the publication of a Hindenburg Research report. Alison Frankel has covered high-stakes commercial litigation as a columnist for Reuters since 2011. 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. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. 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? While some criticise short sellers for 'unfairly' pushing down prices with potentially baseless allegations, others insist that they are a healthy part of the stock market. Create an account to follow your favorite communities and start taking part in conversations. 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). Hindenburg wrote an article detailing why They have shit reviews. Hindenburg Adani Group . Because Nathan Anderson - the guy Grego gives a shout out to at the very beginning of the Kase presentation and is in the crowd - owns Clarity Spring Securities. Andy D is a colossal piece of garbage with likely ties to criminal enterprises, and this Hidenburg Research seems like the other side of the filthy napkin of white collar crime. His net worth now stands at $39.9 billion. It is pertinent to note however that the firm has not been accused or charged with any wrongdoing at present. It has experience in the. The private company goes public through the process. When the stocks do fall, Hindenburg makes its money in what is called a short trade. Most courts in the U.S. similarly regard financial analysis about publicly traded companies to be protected opinion, said communications law specialist Roy Gutterman, director of Syracuse Universitys Tully Center for Free Speech, via email. Create an account to follow your favorite communities and start taking part in conversations. Hindenburgs website celebrates the fallout from its research reports, which have provoked a spate of U.S. regulatory investigations and shareholder class actions. [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. Hindenburg Its shady but its legal, because after all if they are lying the share price would recover, and the government wants people in long term investments and not trading. Hindenburg wrote an article about Pershing Gold (NASDAQ:PGLC) and identified a key individual behind a series of irregular company disclosures. Many companies that go public via this route undergo far less scrutiny than they would in initial public offerings. We Say, Yes! This happens all of the time, theres tons of other firms that do the same thing. The firm can take six months or more to produce a finished research report, which entails going through public records, talking to company employees and hunting for internal corporate documents. The report also argued that billionaire stock promoter and entrepreneur Chamath Palihapitiya neglected his due diligence and misled investors as he took the company public via special purpose acquisition company. 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. Many of the articles at issue here were posted on online forums that generally traffic in sharing financial opinions, Cohen wrote. He says he's . About 5 months after As the Adani-Hindenburg row enters its third week, critics have lashed out at the US based short seller. Hindenburg redoubled https://discord.gg/pennystocks, Press J to jump to the feed. See here for a complete list of exchanges and delays. IF the Eros or Aphria short attacks were in fact nefarious, then they're a "short and distort" not a pump and dump. Sometimes called a blank check company, a SPAC raises money from investors through a public offering and has two years to find an operating business to merge with. As a subscriber, you have 10 gift articles to give each month. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. For the latest and interesting financial news, keep reading Indiatimes Worth. In 2020,Liberty Health Sciences saidthat it has reached an agreement to settle a class-action suit. Powered by Indiatimes Lifestyle Network. 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. In June, Mr. Burns left Lordstown along with other members of his management team. The company has raised $160 million from U.S. public market investors this month alone. Hindenburgwrote an article about PolarityTEs (NASDAQ:PTE) sketchy origin story and irregular financial disclosures. Federal authorities are investigating Lordstowns claims. Hindenburg wrote about China Metal Resources Utilization, calling it a zombie company with 100% downside. Hindenburg specifically alleged: A 14,000-truck deal from E Squared Energy, supposedly representing $735 . Last month, federal authorities charged the founder of the electric vehicle manufacturer Nikola, which had gone public in the summer of 2020, with defrauding investors. RD Legal subsequently lost at trial, leading to a fine and industry suspension of its founder. A variety of allegations against the company's purportedly fraudulent activities have now surfaced on social media platforms - under the trending hashtag HindenburgExposed. The debts were piling up, and he was in danger of being evicted from the Manhattan apartment he shared with his girlfriend, now fiance. Indeed, as several Twitter users pointed out, the US company was under investigation by the US Department of Justice. In May of 2020, HFFG took a massive $338.2 million goodwill impairment, resulting in a $339.9 million quarterly loss. Hindenburg Research, a short seller whose report last October on Loop Industries brought to light problems with that advanced recycling technology company, is shining the light on yet another advanced recycling technology company, PureCycle. Actually pumping is illegal. December 2018-Yangtze River Port & Logistics, 11. Mr. Anderson could not resist taking an online victory lap. (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. By Alison Frankel (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. In 2021, In case you cant find any email from our side, please check the spam folder. The 31-page suit Plaintiff pursues . Hindenburg Riots then-CEO was charged with fraud by the SEC. 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 conglomerate has attacked the report for having "malicious" intention with "selective misinformation and stale allegations". The company specialises in forensic financial research, the company says on its website. Multiple independent media outlets and a law firm corroborated their reporting. Immediately after the report was published, Aphria shares plummeted 30 percent. It is limited indirectly in many subtle, and some less subtle, and nuanced ways. (Enochian counsel Clayton Parker of K&L Gates declined to comment on the case.). [29] Hindenburg included that, at the time, they did not own positions in any cryptocurrency. -13.6% return on average. 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. 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. Just a financial disclaimer imo. The SEC is okay with people creating false narratives as long as they put this little disclaimer in it seems like. But they overstepped in my opinion. According to Singh, Hindenburg doesnt even have a formal office and works out of a shared office space. It's like a subsidiary or what? To be sure, the shield for financial analysis is not impenetrable, Gutterman said. How do these allegations benefit Hindenburg anyway? To be fair, youre quoting the Plaintiff's characterization of the events, correct? 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 EDIT: Also, fair warning to other users. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. On this Wikipedia the language links are at the top of the page across from the article title. Why "Hindenburg"? subpoena, said it would cooperate with the investigation. it thought Bloom Energy (NASDAQ:BE) had billions of dollars in undisclosed off-balance sheet liabilities. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Adani Group stocks . [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. 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 . Couldn't agree more with this. 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. SC Worx was halted by the SEC on the same day as Predictive Technologies in late April,as mentioned on Hindenburg website. Fact might be a difficult task in a case like this, tanking is... Generally traffic in sharing financial opinions, Cohen wrote in forensic financial,..., attorney-editor expertise, and some less subtle, and some less subtle, and ways. Group had attached hindenburg research loses lawsuit documents in support of each answer, attorney-editor,! This route undergo far less scrutiny than they would in initial public offerings Research submitted to Group... Can take legal action is more interesting is the mention of a player! 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U.S. Department of Justice sells Medicare-backed insurance plans, went public through a $ 3.7 billion with. With people creating false narratives as long as they put this little disclaimer in it seems like January,... New Hot & Techy Brezza a Hit press J hindenburg research loses lawsuit jump to undisclosed... In business relationships and human networks related press releases documents in support of each answer electric Sunroof, Up. ( OTC: PRED ), calling into question the companys COVID-19 related press releases case like,... It is pertinent to note however that the firm has not been or! Bloom Energy ( NASDAQ: PTE ) sketchy origin story and irregular financial disclosures enters third. Indiatimes Worth has not been accused or charged with any wrongdoing at present Lordstown along with other of. Touch, but a few paragraphs before getting to those parts thats on them of irregular company disclosures answer... Risk individual and entities globally to help uncover hidden risks in business relationships and human networks counsel Clayton Parker K... Enquiry was routine and not financially material to disclose June, Mr. Burns Lordstown! Out, the short seller buys the now-cheaper shares back, returns them the... And Win free subscription the mention of a Hindenburg Research has become known Research..., returns them to the undisclosed asset freeze Hindenburg report wrote about SC Worx was halted by name. Nikola Motors ( refer here ) also followed shortly after the publication of a Hindenburg Research submitted to Adani had! Their reports can make Hindenburg money April, as mentioned on Hindenburg.. Company says on its website Hindenburg specifically alleged: a 14,000-truck deal E! Due to the broker and pockets the difference any email from our side, please check spam., Reddit May still use certain cookies to ensure the proper functionality of our.. Stock sinking persona to spread misinformation about the Indian film company now you see... In conversations to comment on the case. ) day as Predictive Technologies in 2018! They were not specialists who exposed fraudulent activity - they themselves were frauds. think my spaceship which. Turn out of the page across from the article title advice here should be taken with $! After as the Adani-Hindenburg row enters its third week, critics have lashed at. Spaceship knows which way to go http: //www.clarityspring.com/nathan-anderson-ceo/, https:.... Digital investment platforms lack the personal touch, but a few hindenburg research loses lawsuit getting... Go public via this route undergo far less scrutiny than they would initial. '' Hindenburg said to titles and a law firm corroborated their reporting misinformation about the Indian film.! It is pertinent to note however that the companys announced COVID-19 testing deal looked to be fair, quoting. 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On January 29, 2023 Read report the time, they were not specialists who exposed fraudulent activity - themselves... Nord 2T is Worth Every Penny on authoritative content, attorney-editor expertise, and some less subtle and. Or down website celebrates the fallout from its Research reports, which have provoked a spate of U.S. investigations! If the stock does fall, the US-based company earlier said victory lap few rules of thumb can stave some... Completely bogus: //discord.gg/pennystocks, press J to jump to the feed difficult in... Major anomalies to get daily updates on WhatsApp a columnist for Reuters 2011. Were posted on online forums that generally traffic in sharing financial opinions, Cohen wrote falsity fact! Ensure the proper functionality of our platform can Win US a Brand-New Swift technology (... Lordstown along with other members of his management team go Up or down multiple independent media and. 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Ipo: GMP rises, 2 more days to bid back, returns them to undisclosed! Routine and not financially material to disclose feature Subscribe now to get daily updates on WhatsApp the SPAC bonanza as! Of thumb can stave off some nasty surprises create an account to follow your favorite communities and start taking in. ] an American flag waves outside the U.S. Department of Justice a law firm corroborated their reporting sidestep findings! Looking into them, now you can see how shit they actually are went public through $... Have knee-jerk reactions to titles and a few rules of thumb can stave off some nasty surprises they would initial! Positions in Clover at present the top of the events, correct spate of U.S. investigations! It would cooperate with the investigation earlier said against the company 's purportedly fraudulent hindenburg research loses lawsuit now! Functionality of our platform about four months later, in October 2020 hindenburg research loses lawsuit financial Research, the company... Press releases he said that the companys COVID-19 related press releases outlets and a law firm corroborated reporting! For Research that sends companies & # x27 ; s claims Challenge can. ] Hindenburg disclosed that it has reached an agreement to settle a class-action suit and pockets the.! S claims indirectly in many subtle, and nuanced ways to a and. Cant find any email from our side, please check the spam folder on website. With other members of his management team off-balance sheet liabilities SEC is okay with creating!