American investment and research company Hindenburg Research is shutting down. Its founder Nate Anderson gave this information on Wednesday. He also said that all the projects on which he was working have been completed. Hindenburg Research was started by Anderson in 2017. The job of this American short selling firm was to expose those companies which potentially had corporate wrongdoings as well as financial irregularities, fraud.
Hindenburg exposed many companies
Hindenburg Research claims that through its deep research, it exposes those publicly traded companies which mislead investors as well as make their profits through short selling. Hindenburg has so far issued its sensational reports against more than 20 big companies, which include many foreign companies from adani Group to WINS Finance, Nikola, sc Worx, Lordstown Motors.
This is why it was named Hindenburg
This firm was named after the airship LZ 129 Hindenburg, which crashed in New Jersey, USA on May 6, 1937. 36 out of 97 people on board this 804 feet long airship died in the accident. This German airship caught fire after a loud explosion in the air. The firm said that the destruction of the companies it exposes is also like the Hindenburg airship, so it was named the same and something similar happened. Whichever company Hindenburg presented its report against, it had to face losses in the stock market. Along with a huge fall in the company's shares, an investigation would also start against them.
This allegation was leveled against adani Group
In 2023, Hindenburg in its report had also accused adani Group of stock market fraud. In the report, adani Group was accused of stock manipulation and accounting fraud. After this, there was a tremendous decline in the shares of adani Group. However, after getting rid of the ghost of Hindenburg Research, the shares of adani Group are now running at a fast pace.
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