Hindenburg Research LLC, A short seller, causing bloodbath in Adani

Hindenburg Research LLC is a short seller who is known for exposing fraud. It is currently in the news for its scathing report on India's Adani Group accusing it of stock manipulation and accounting fraud.

According to its website, the Nathan Anderson-founded company sniffs out accounting irregularities, iffy management, undisclosed related-party transactions, and other such irregularities.

Hindenburg's latest report on companies headed by Asia's richest man, Gautam Adani, led to a bloodbath in their shares last week, even after the group offered a point-by-point rebuttal to the short seller's claims.

This is not the first time that Hindenburg has caused such consternation. The company's reports and comments have had dramatic results in the past.

See also: Adani Green, several other group stocks see Plunge Deepen as Fight With Short Seller Takes 'India Growth Story' Turns

In September 2020, Hindenburg released a report on the electric car maker Nikola Corporation NKLA, which had styled itself as a potent emerging rival to Elon Musk, Tesla.

Hindenburg said Nikola was an intricate fraud built on dozens of lies. A short seller said a video called Nikola One in Motion was released, which appeared to show a Nikola truck driving down a desert, which was actually towed to the top of a hill. The end result of the Nikola expose was a victory for short sellers and the unceremonious exit of founder and Executive Chair Trevor Milton. Milton was convicted of fraud in October 2022. He faces up to 20 years in prison.

In June last year, Hindenburg changed its thesis on Twitter, because of the fact that the social media giant was an acquisition target of Musk. The decision came as Twitter sued Musk to complete the $44 billion acquisition that was abandoned by him.

We have accumulated a long position in the shares of Twitter. Hindenburg said that the complaint poses a credible threat to Musk's empire.

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The short seller said that Musk held all the cards in the Twitter situation and that there were multiple factors that suggested that the billionaire was not getting any value for the social media platform he was on when he announced his offer.

In a series of articles dating back to 2017, Hindenburg went after Riot Blockchain RIOT in a series of articles. The writeups covered suspicious acquisitions that Hindenburg said were designed to benefit insiders.

A CNBC report said Riot's business was full of red flags. The CEO and Chair of Riot resigned in 2018 after unrelated charges were filed by the U.S. Securities and Exchange Commission.

In a report titled, RiotBlockchain: This Cryptocurrency Clown Car Continues Hurtling Toward The Abyss, Hindenburg disclosed it was short Riot in 2018.