After targeting the Adani group with its 100-plus-page scathing report in January 2023, US-based short seller Hindenburg Research is coming up with a new report.
Hindenburg Research, the firm run by Nate Anderson, said in a tweet, "New report soon—another big one." The tweet didn’t provide any specifics on the timing of the next report or who and what it is about.
Hindenburg Research on January 24, 2023 levelled allegations of stock manipulation, accounting fraud and other financial misdeeds on Gautam Adani-led Adani group .
Hindenburg's damning report titled 'Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History' wiped out $150 billion from the group’s market value in 5 weeks since publication.
Adani Group had rebuffed Hindenburg's allegations as a "calculated attack" on India. It stated that the report was driven by "an ulterior motive" to "create a false market" to allow the US firm to make financial gains.
Hindenburg’s next 'big' report comes at a time when the US is witnessing a banking turmoil following the collapse of Silicon Valley Bank and Credit Suisse.
Following the SVB collapse, several people slammed Hindenburg for being selectively biased by publishing a voluminous report on Adani Group but remaining silent over the failure of the two major US banks.
As Swiss lender Credit Suisse's shares tanked amid collapse news reports, Twitter users said Hindenburg Research should have shorted the embattled lender rather than Adani Group and earned a lot more.
Hindenburg specialises in financial research. It looks for accounting irregularities, illegal or unethical practices and undisclosed issues. Its website says, "Our experience in the investment management industry spans decades, with a historical focus on equity, credit, and derivatives analysis".