Hindenburg Research, the financial research firm with an explosive name and a track record of sending the stock prices of its targets tumbling, is taking on one of the world's richest men. Hindenburg is back in the headlines after last week accusing Indian conglomerate Adani Group of 'a brazen stock manipulation and accounting fraud scheme.'
NEW YORK -
Hindenburg is back in the headlines after last week accusing Indian conglomerate Adani Group of "a brazen stock manipulation and accounting fraud scheme." It cited two years of research, including talks with former Adani senior executives and reviews of thousands of documents. Nevertheless, Hindenburg's scorching allegations have caused the fortune of Adani Group's founder, Gautam Adani, to slide by more than $34 billion in just a week, according to the Bloomberg Billionaires index. Here's a look at the firm behind all the movement: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 management.
And Nikola in late 2021 agreed to pay $125 million to settle SEC charges that it defrauded investors by misleading them about its products, technical advancements, and commercial prospects.It can make money. In its Adani report, it said that it had taken a "short position in Adani Group Companies" through bonds that trade in the U.S. and other investments that trade outside India.
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