A stock researcher and investor, Mr. Anderson and his upstart firm, Hindenburg Research, are having a moment. Had the bet fallen through, said Mr. Anderson, who has a young daughter, he might have had to get a real job with a reliable income. 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. half star out of 5. Courts look at the meaning of the [allegedly defamatory] statements, whether they can be proven true or false, and, most importantly, their context, said Gutterman. Were All in for Arena Reel Star! It has become a successful enterprise, he said of his firm. Federal authorities are investigating Lordstowns claims. You are now subscribed to our newsletters. 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. It closed down 16.54% at $14.78. [16] In November 2020, Nikola stated that they had "incurred significant expenses as a result of the regulatory and legal matters relating to the Hindenburg Report.[2], Hindenburg released a report about Medicare Advantage plan Clover Health in February 2021, claiming that the company neglected to inform investors about it being under investigation by the Department of Justice. During college, he lived for a time in Israel, working as a paramedic while taking classes at Hebrew University. After the report came out, the company, Enochian Biosciences Inc, issued a shareholder letter claiming that Hindenburg had misrepresented some of its communications with company officials about a Turkish criminal proceeding against the inventor. A place to lose your money with the help of friends and likewise degenerates. originally raised in January 24th, 2023: This is when Hindenburg Research came out with its detailed report alleging Gautam Adani and the Adani Group of accounting fraud, stock manipulation, and money laundering. Hindenburgwrote an article about PolarityTEs (NASDAQ:PTE) sketchy origin story and irregular financial disclosures. (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. Not sure how their reports can make any stock go up or down. Its the first amendment right to give your opinion. Mr. Anderson could not resist taking an online victory lap. 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. This trip was intended to inaugurate its 1937 season, an event considered noteworthy enough to draw . Singh has also said that the company answered all the questions raised by US short seller Hindenburg Research. 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! But as claims and counter-claims take over social media, the facts are a tad more nuanced than Twitter trends would have you believe. Actually pumping is illegal. 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. 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. Months after Who does Andy work for? 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 . "[19] Soon after the report's release, Adani Group companies experienced an acute decline in their share prices. Opinions expressed are those of the author. 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. Videos and posts shared under the Hindenburg exposed hashtag also noted that the company was known as a ponzi hunter - a tag that has also been used by several western media organisations. Short sellers see themselves as financial detectives, sniffing out corporate wrongdoing or inflated stock prices. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. The companys CFO later resigned and was charged by the SEC in 2018 for allegedly participating in pump & dump schemes. 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. They kind of deserve it at that point. It'll just take a moment. New York State Supreme Court Justice Joel Cohen found that all of the short sellers assertions, in articles, reports and online posts, were protected opinion. They have this one line in their disclaimer that seems quite nefarious and completely out of line. https://www.tipranks.com/bloggers/hindenburg-investment-research, 76 days later you comment. But please be more careful in titling posts from now on. identified. Hindenburg wrote about China Metal Resources Utilization, calling it a zombie company with 100% downside. Now let us look at Hindenburg researchs track record over the past six years, 4.May 2020-China Metal Resources Utilization, 10. 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. Also, as another user pointed out, that phrase doesn't apply here. Before Adani Group, the Nathan Anderson-foundedHindenburg Research firm had a track record of pointing out frauds in 17 companiesin the past six years. 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. The Hindenburg had made its first flight from Germany to the U.S. a year earlier, in May 1936. Mr. Milton resigned a few weeks later, and the authorities began investigating. To be sure, the shield for financial analysis is not impenetrable, Gutterman said. I wonder why the opposite of pumping (this, tanking) is not? 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. 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 debts were piling up, and he was in danger of being evicted from the Manhattan apartment he shared with his girlfriend, now fiance. 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. Your session has expired, please login again. 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 SEC has launched an investigation into Hindenburg's claims. Hindenburg showed how the company was under severe financial distress and identified numerous accounting irregularities, including evidence of undisclosed related party transactions. Hindenburg said the companys insiders were using shell companies to divert funds away from shareholders into their own pockets.. Catch all the latest. 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. 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. The activist short-seller behind Hindenburg Research has become known for research that sends companies' stock sinking. Mr. Anderson declined to disclose the names of his investors. Why "Hindenburg"? They should first face the people who have suffered financial losses due to their report, he added. Is Hindenburg Research under investigation in the US? Just like this sub about everyone pushing to buy IDEX, until it stops. 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. 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". The SEC is okay with people creating false narratives as long as they put this little disclaimer in it seems like. 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 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. Agencies For the latest and interesting financial news, keep reading Indiatimes Worth. Both Hindenburg Research and Nate Anderson feature in the DoJ's requests for information. The settlement figure was reportedly $1.8 million. 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