NEW DELHI, Jan 16: Hindenburg Research, the US-based short-selling firm known for targeting Adani Group and making significant allegations against the conglomerate, has announced its decision to dissolve the company.
“As I’ve communicated to family, friends, and our team since late last year, I have chosen to disband Hindenburg Research. Our plan was to conclude operations after completing the projects we were working on,” said Nate Anderson, the founder of Hindenburg Research, in a note released on Thursday.
“As of today, with the completion of our recent Ponzi cases that we are now sharing with regulators, that day has arrived,” Anderson stated.
The firm shared the ‘personal note’ from its founder on its website and on the micro-blogging platform ‘X.’ In his note, Anderson reflected on his arduous journey, expressing a magnetic draw towards his work.
He recounted times when he lacked financial support and acknowledged the help he received from whistleblower Bryan Wood.
“I started with no money—and after facing three lawsuits right off the bat, my situation worsened. I would have failed before I really began had it not been for the assistance of talented whistleblower attorney Bryan Wood, who took on my cases despite my financial difficulties. At that time, I had a newborn and was on the verge of eviction. It was a terrifying situation, but I knew that standing still would lead to my downfall. My only option was to push ahead,” wrote Anderson.
Hindenburg Research garnered significant attention in India when it accused the Adani group of stock manipulation and fraud. The firm also targeted SEBI chief Madhabi Puri Buch, alleging her involvement in offshore entities purportedly used in the Adani money laundering scandal.
The allegations from Hindenburg caused a temporary plunge in the stock prices of Adani group companies, though there was a subsequent recovery.
Both the Adani group and Madhabi Puri Buch rejected the allegations, calling them unfounded.
(UNI)
