New Delhi: The US-based short-seller Hindenburg Research, which targeted Adani Group chief Gautam Adani and made explosive allegations against the conglomerate, has decided to wind up the firm.
“As I’ve shared with family, friends and our team since late last year, I have made the decision to disband Hindenburg Research. The plan has been to wind up after we finished the pipeline of ideas we were working on,” Hindenburg Research founder Nate Anderson said in a note on Thursday.
“And as of the last Ponzi cases we just completed and are sharing with regulators, that day is today,” Anderson further said.
The short-seller posted the ‘personal note’ from its founder on its website and micro-blogging site ‘X.’ In the note, Anderson gave a glimpse of his challenging journey but said he felt ‘drawn to it magnetically’.
The Hindenburg Research founder reflected on the times when he lacked financial resources and received help from whistleblower Bryan Wood.
“I had no money when I started—and after catching 3 lawsuits immediately out of the gate, I quickly had less than no money. I would have failed right at the starting line had it not been for the support of world-class whistleblower lawyer Bryan Wood, who took the cases on despite my lack of financial resources. I had a newborn child and was facing eviction at the time. I was terrified, but knew that if I stayed still I would crumble. The only option I had was to keep moving forward,” Anderson wrote.
Hindenburg Research made big headlines in India when it levelled serious allegations of stock manipulation and fraud against the mighty Adani group. The short-seller also took SEBI chief Madhabi Puri Buch in the firing line and accused her of holding stake in obscure offshore entities used in alleged Adani money laundering case.
Hindenburg’s allegation against the Adani group led to a huge crash of Adani group company stocks briefly. It, however, recovered later.
Both Adani group and Madhabi Puri Buch had dismissed the allegations, terming them as baseless.
