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☆ An activist short-seller is making a name for itself by taking on Carl Ichan, Gautam Adani and others
▼ + stars: | 2024-03-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

Anderson exposes corporate fraud and ponzi schemes through his company Hindenburg Research. Congress (IYC) staged a protest demanding a probe into the allegations of fraud made against the Adani group in the Hindenburg research report. Controversial practice Breakout Point has tracked 74 Hindenburg short bets it has opened since 2017. watch nowBiggest hits One of Hindenburg's biggest recent campaigns centered on a collection of businesses owned by Indian billionaire Gautam Adani. In January 2023, Hindenburg published a report accusing Adani Group companies of "brazen stock manipulation and accounting fraud."

Persons: Nate Anderson, Anderson, Carl Icahn, Gautam Adani, Ivan Cosovic, Hindenburg, LPP, Gautam Organizations: Hindenburg Research, Washington Post, The Washington Post, Getty, The, CNBC, Indian Youth Congress, Central, Indian Youth Congress Office, Congress, Hindustan Times, GameStop, Hindenburg's, Adani, Securities and Exchange Board of India Locations: The New York, NY, New York, DELHI, India, New Delhi, Gdansk, Russia, Ukraine

☆ Hindenburg's latest short target Temenos rejects allegations as share price tumbles
▼ + stars: | 2024-02-16 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

Shares in Swiss software company Temenos were down over 6% on Friday afternoon, extending Thursday's losses when they closed over 28% lower. Temenos on Thursday released a statement saying its board of directors "fundamentally refutes" a report by short-seller Hindenburg Research. Temenos shares were down 6.1% at 1:17 p.m. London time, trading around 59.66 Swiss francs ($67.67). In its statement, Temenos said Hindenburg's report "contains factual inaccuracies and analytical errors, together with false and misleading allegations ... Its Adani report, published in early 2023, accused the company of "brazen stock manipulation and accounting fraud scheme over the course of decades."

Persons: Temenos, Hindenburg Research's, Hindenburg, Carl Icahn's Icahn, Adani Organizations: New York Stock Exchange, Hindenburg, CNBC Friday, Investment, Carl Icahn's Icahn Enterprises, Adani, Securities, Exchange Board Locations: London, Temenos, India

Adani has denied wrongdoing, saying that Indian authorities assessed its coal shipments before releasing them from ports. India's Supreme Court is also overseeing the market regulator's probe of Hindenburg's allegations. If India's Supreme Court allows the agency's latest request, it would then need to seek an order from Singapore's Court of Appeal to release the material. The Singapore court declined requests from Reuters last month to inspect related case documents, saying in written responses that the files were sealed. The stance adopted by Adani's companies in Singapore "created impediments" and the investigation "remains stalled", the revenue agency told India's Supreme Court in 2021 filings.

Persons: Adani, Hindenburg, Gautam Adani, Narendra Modi's, Modi, Lucien Wong, Adani's, Arpan Chaturvedi, Aditya Kalra, Sudarshan Varadhan, David Crawshaw Organizations: Adani Group, Revenue Intelligence, Adani, Adani Enterprises, Reuters, India's, Ministry of Finance, Ministry of Home Affairs, Hindenburg Research, Investigators, Singapore Attorney, Thomson Locations: India, DELHI, Singapore, Adani, Gujarat, Indonesia, SINGAPORE, Singapore's, Mumbai, New Delhi

The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. Citing review of files from multiple tax havens and internal Adani Group emails, nonprofit media organization OCCRP said its investigation found at least two cases where the investors bought and sold Adani stock through such offshore structures. Adani Group has called Hindenburg's claims misleading and without evidence and said it always complied with laws. The panel in May said the regulator had so far "drawn a blank" in investigations into suspected violations in overseas investments in the Adani group. In an interview with a reporter from the Guardian, OCCRP said Chang said he knew nothing about any secret purchases of Adani stock.

Persons: Amit Dave, OCCRP, Adani, Hindenburg, HINDENBURG, Gautam, India's, Nasser Ali Shaban Ahli, Chang Chung, Chang, Aditya Kalra, Krishn Kaushik, Lisa Shumaker Organizations: Adani, REUTERS, Adani Enterprises, NEW, Hindenburg Research, Reuters, Guardian, Thomson Locations: Ahmedabad, India, NEW DELHI, Mauritius, Ahli

The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. Citing review of files from multiple tax havens and internal Adani Group emails, nonprofit media organization OCCRP said its investigation found at least two cases where the investors bought and sold Adani stock through such offshore structures. Adani Group has called Hindenburg's claims misleading and without evidence and said it always complied with laws. Adani Group did not immediately respond to a Reuters request for comment on the OCCRP report. In an interview with a reporter from the Guardian, OCCRP said Chang said he knew nothing about any secret purchases of Adani stock.

Persons: Amit Dave, OCCRP, Adani, Hindenburg, Gautam, India's, Nasser Ali Shaban Ahli, Chang Chung, Ling, Chang, Aditya Kalra, Krishn Kaushik, Lisa Shumaker Organizations: Adani, REUTERS, DELHI, Hindenburg Research, Reuters, HINDENBURG, Securities, Exchange Board of India, Guardian, Thomson Locations: Ahmedabad, India, Mauritius, Ahli

☆ Indian regulator's probe faults Adani group on disclosure rules -sources
▼ + stars: | 2023-08-28 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

[1/2] The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. India's Supreme Court, which is overseeing SEBI's investigation of the Adani group, is set to hear the matter on Tuesday. But SEBI has no plans to make the report public until the regulator has passed its orders on the Adani investigation, one of the sources said. In its January response to Hindenburg's accusations, the Adani group said all related party transactions had been fully identified and disclosed. But it was not immediately clear what penalties the regulator will eventually recommend in the Adani investigation.

Persons: Amit Dave, India's, Gautam, SEBI, Jayshree, Clarence Fernandez Organizations: Adani, REUTERS, The Securities, Exchange Board of India, Hindenburg Research, Thomson Locations: Ahmedabad, India, Indian

The Dharavi slum, about three-quarters the size of New York's Central Park, featured in Danny Boyle's Oscar-winning 2008 movie "Slumdog Millionaire". Only those who already lived in Dharavi before 2000, mostly ground-floor residents, will get free homes within the redevelopment. In interviews with Reuters, some Dharavi residents cited the billionaire's financial troubles as contributing to their concerns. Last month, a Mumbai court allowed SecLink to add Adani to its lawsuit, forcing the conglomerate to defend its position before judges. In early August, about 300 opposition supporters and residents gathered in Dharavi to object to Adani's involvement.

Persons: Adani, Gautam Adani's, Narendra Modi's, Danny Boyle's Oscar, SecLink, Eknath Shinde, Modi, Maharashtra's, Sandeep Shastri, Rajendra Korde, Radha Pawar, Srinivas, Mohammad Hasmat Ullah, Ullah, Dhwani Pandya, Aditya Kalra, Arpan Chaturvedi, Francis Mascarenhas, David Crawshaw Organizations: Adani, Consultancy, Reuters, SecLink Technologies Corporation, The, Modi's Bharatiya Janata Party, BJP, Modi's BJP, India's, Trust, Reuters ., Dharavi, Committee, Authority, Dhwani, Thomson Locations: Dubai, MUMBAI, rehouse, Dharavi, Maharashtra, The Dubai, Mumbai, Gujarat, snowballing

☆ GQG Partners buys additional stake in Adani Ports
▼ + stars: | 2023-08-19 | by ( ) www.reuters.com time to read: +1 min

Traffic moves past the logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad, India, February 2, 2023. REUTERS/Amit Dave/File Photo Acquire Licensing RightsAug 19 (Reuters) - Investment firm GQG Partners raised its stake in Adani Ports And Special Economic Zone Ltd (APSE.NS) on Aug. 17 to 5.03% after buying more shares, GQG said in a disclosure on Saturday. GQG Partners, which held a 4.93% stake in Adani Ports, acquired another 0.10% or 2.2 million shares of the company through a bulk deal, the disclosure made late on Saturday said. The investment comes after Deloitte quit as auditor for Adani Ports, in the first such move after U.S. short-seller Hindenburg Research's critical report on the Adani group that was published in January. Reuters reported last Wednesday that GQG partners bought an 8.1% stake in Adani Power for $1.1 billion via block deal.

Persons: Amit Dave, GQG, Hindenburg, Jose Joseph, Tomasz Janowski, Toby Chopra, Jane Merriman Organizations: Adani, REUTERS, GQG Partners, Deloitte, Adani Ports, Reuters, Thomson Locations: Ahmedabad, India, Adani Ports, Power, Bengaluru

☆ Hindenburg Research targets $4.6 billion Kazakh brokerage for allegedly helping Russian oligarchs evade sanctions
▼ + stars: | 2023-08-15 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Timur Turlov, CEO of Freedom Finance brokerage speaks to Reuters during the interview in the office in Moscow, Russia October 10, 2019. Freedom Holding Corp. was founded in Moscow in 2008, before later moving to Kazakhstan, and listed on the Nasdaq in 2019. After Russia invaded Ukraine early last year, U.S. sanctions essentially severed ties between American and Russian banks and companies. But according to a report from Hindenburg on Tuesday, those ties remain tight. One former senior executive alleged to Hindenburg that Russian money laundering was rampant.

Persons: Timur Turlov, Jack Dorsey's Block, Carl Icahn, Freedom, Hindenburg's, Hindenburg, OFAC, I've Organizations: Freedom Finance, Reuters, Hindenburg Research, Freedom Holding, Nasdaq, Freedom, noncompliance, U.S . Treasury Department's, Foreign Assets, SEC, European Union, Freedom's, Ukraine Locations: Moscow, Russia, Kazakhstan, Ukraine, Hindenburg, Russian, United Kingdom, Belizean

☆ India's Adani group stocks hit by first auditor quitting over Hindenburg report
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

Traffic moves past the logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad, India, February 2, 2023. Adani Ports said Deloitte, which does not audit any of the other six listed Adani group companies, had all the necessary information and its reason to quit was "not convincing." "The spotlight is back on Adani Group stocks and this time the auditor has raised concerns and resigned. The flagship Adani Enterprises (ADEL.NS) dropped 5.5%, while Adani Power (ADAN.NS), Adani Energy Solutions (ADAI.NS), Adani Wilmar (ADAW.NS), Adani Green Energy (ADNA.NS) and Adani Total Gas (ADAG.NS) declined between 3% and 5%. "In the near term, the Adani group stocks will likely remain under pressure and any re-rating will happen gradually when the water settles down."

Persons: Amit Dave, Hindenburg, Gautam Adani, Prashant Tapse, Adani, Avinash Gorakshakar, Rama Venkat, Savio D'Souza Organizations: Adani, REUTERS, Deloitte, Reuters, Adani Ports, Mehta, Adani Enterprises, Adani Energy Solutions, Energy, Profitmart Securities, Associates, BDO International, Thomson Locations: Ahmedabad, India, BENGALURU, Bengaluru

The Deloitte company logo is seen at their office in Gurugram, India, June 13, 2023. The auditor's resignation has brought fresh scrutiny of the financial management at Adani Group, led by Indian billionaire Gautam Adani. "The Audit Committee (of Adani Ports) was of the view that the grounds advanced by Deloitte for resignation as Statutory Auditor were not convincing or sufficient to warrant such a move," it said. Adani Ports has named MSKA & Associates, an independent member firm of BDO International, as its new auditor, it said in the statement. Deloitte in May first pointed to certain transactions flagged by Hindenburg in its report and gave only a qualified opinion related to Adani Ports, indicating concerns by a company's auditor.

Persons: Anushree, Gautam Adani, Hindenburg, Aditya Kalra, Ros Russell Organizations: Deloitte, REUTERS, U.S, Adani Group, GQG Partners, Sanghi Industries, Associates, BDO International, Thomson Locations: Gurugram, India, Adani Ports, Australia, New Delhi

REUTERS/Anushree Fadnavis/File PhotoNEW DELHI, Aug 11 (Reuters) - Deloitte has decided to resign as auditor of India's Adani Ports (APSE.NS) amid concerns over certain transactions flagged in a report by Hindenburg, which the company did not wish to independently look into, a source with direct knowledge said. Deloitte in May had pointed to certain transactions flagged by the U.S. short-seller in its report and gave only a qualified opinion, which indicates concerns by a company's auditor. Deloitte's resignation comes after it asked Adani Ports to conduct an independent inquiry on related party transactions flagged by Hindenburg, to which the company did not agree, the source said. Deloitte and Adani Ports did not immediately respond to Reuters' requests for comments. Deloitte's decision to quit as Adani Ports' auditor might come as soon as Monday, the source added.

Persons: Anushree, Hindenburg, Adani, Gautam Adani, Aditya Kalra, Sethuraman, Varun Organizations: Deloitte, REUTERS, May, U.S, Adani, Bloomberg News, Sethuraman NR, Thomson Locations: Gurugram, India, India's Adani, New Delhi, Bengaluru

☆ Adani Enterprises weighs exiting $6 bln Wilmar venture - Bloomberg News
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Workers transport tins of edible oil inside a storeroom of Adani Wilmar Ltd at Mundra, 375 km (233 miles) from the western Indian city of Ahmedabad, June 10, 2009. REUTERS/Amit Dave/File PhotoAug 8 (Reuters) - India's Adani Enterprises (ADEL.NS) is exploring selling its stake in its consumer-staple joint venture with Wilmar International (WLIL.SI), Bloomberg News reported on Tuesday, citing people familiar with the matter. Deliberations are at an early stage and Adani Enterprises may decide to keep its stake, the report said. Adani Enterprises and Wilmar did not respond to Reuters requests for comment, while Adani Wilmar said it would not like to comment on the report. Last week, Adani Wilmar reported loss in the first quarter, hurt by a steep decline in edible oil prices.

Persons: Wilmar, Amit Dave, Adani, Gautam Adani, Adani Wilmar, Shubhendu Deshmukh, Shounak Dasgupta, Shilpi Majumdar Organizations: REUTERS, Adani Enterprises, Wilmar, Bloomberg, Adani, Hindenburg, Thomson Locations: Mundra, Indian, Ahmedabad, India, Bengaluru

Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network's Neil Cavuto show in New York February 11, 2014. REUTERS/Brendan McDermid/File PhotoAug 4 (Reuters) - Carl Icahn-owned investment firm Icahn Enterprises (IEP.O) on Friday halved its quarterly payout, months after short-seller Hindenburg Research accused it of operating a "Ponzi-like" structure to pay dividends. Hindenburg said on Friday it remained short on the company, in a post on messaging platform X, formerly known as Twitter. "Icahn Enterprises will eventually cut or eliminate its dividend entirely, barring a miracle turnaround in investment performance," Hindenburg said when it had announced its short position. "We do not intend to let a misleading Hindenburg report interfere with this practice (of distributing dividends)," Icahn Enterprises said in a statement.

Persons: Carl Icahn, Neil Cavuto, Brendan McDermid, Hindenburg, Icahn, Niket, Milla Nissi Organizations: FOX Business, REUTERS, Icahn Enterprises, Hindenburg, Enterprises, Thomson Locations: New York, Bengaluru

☆ Carl Icahn’s company stock drops 23% after IEP slashes quarterly dividend in half
▼ + stars: | 2023-08-04 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Icahn's company has been on a roller-coaster ride since the Nathan Anderson-led short seller took a public short position in May, alleging "inflated" asset valuations, among other reasons. Shares of IEP, a holding company that is involved in myriad businesses including energy, automotive and real estate, tumbled nearly 44% in the second quarter. Shares of Carl Icahn's conglomerate Icahn Enterprises experienced a sharp sell-off Friday after the firm slashed its quarterly dividend in half amid notable short seller Hindenburg Research's campaign. Hindenburg took issue with IEP's high dividend yield, saying it's "unsupported" by the company's cash flow and investment performance. Icahn Enterprises on Friday reported a net loss of $269 million for the second quarter, more than doubling the loss of $128 million from the same quarter a year ago.

Persons: Nathan Anderson, Carl Icahn's, Hindenburg, Icahn Organizations: Icahn Enterprises, Enterprises, Trans, Airlines

☆ Icahn unties personal loans from his investment firm's share price, shares jumps
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

July 10 (Reuters) - Billionaire activist investor Carl Icahn has amended the terms of his personal loans to separate them from the price of Icahn Enterprises' (IEP.O) depositary units, the investment firm disclosed in a filing on Monday. The move comes months after short-seller Hindenburg's criticism triggered a massive fall in the shares of his investment company. Icahn and its affiliates have entered into a three-year loan agreement with banks, including Bank of America, N.A. In the amended loan agreement, Icahn will provide additional collateral of $2 billion from his personal funds and 320 million IEP shares. It also said IEP units were inflated by more than 75%.

Persons: Carl Icahn, Icahn, Hindenburg, Jaiveer Shekhawat, Niket, Gursimran Kaur, Dhanya Ann Thoppil, Pooja Desai Organizations: Billionaire, Icahn Enterprises, Bank of America, Bank of Montreal, Deutsche Bank AG, Thomson Locations: Bengaluru

☆ Applied Digital shares tumble after Wolfpack Research takes short position
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

July 6 (Reuters) - Shares of Applied Digital (APLD.O) slumped on Thursday after Wolfpack Research disclosed a short position in the digital infrastructure company and accused it of "an embarrassing and predictable stock promotion." Insiders at B Riley hold a 48.4% stake in Applied Digital and will exit their position as it becomes clear that the company's claims "make no sense," Wolfpack alleged. The short-seller said Stability AI, Applied Digital's biggest prospective AI customer, was also "dubious." Applied Digital, Stability AI and B Riley did not immediately respond to Reuters' requests seeking comment. Dallas, Texas-based Applied Digital is the latest target in a series of short-seller attacks that have shaken corporate America this year.

Persons: Riley, Carl Icahn's, Pritam Biswas, Maju Samuel Organizations: Applied Digital, Wolfpack Research, Wolfpack, Reuters, Riley, Applied, Hindenburg Research, Icahn Enterprises, Thomson Locations: Dallas , Texas, America, Bengaluru

☆ Adani Group statements to investors draw US regulatory scrutiny, Bloomberg reports
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 22 (Reuters) - The U.S Attorney's Office in Brooklyn, New York, has sent inquiries in recent months to investors with large holdings in Adani Group, focused on what the Indian ports-to-power giant told them, Bloomberg News reported on Thursday. The U.S. Securities and Exchange Commission also has a similar probe underway, Bloomberg reported, citing two people familiar with the matter. The authorities are looking into the representations that Adani made to its American investors following short-seller Hindenburg's report, the Bloomberg report said. India's markets watchdog in May had "drawn a blank" in investigations into suspected violations in overseas investments in the Adani group and a Supreme Court-appointed panel said its ongoing pursuit of the case could be a "journey without a destination". Adani Group and the U.S. Attorney General's office did not immediately respond to requests for comment.

Persons: Adani, General's, Chandni Shah, Maju Samuel Organizations: U.S Attorney's, Adani Group, Bloomberg, U.S . Securities, Exchange Commission, Hindenburg Research, SEC, Eastern, of New York U.S, Attorney’s, Adani, U.S, Thomson Locations: Brooklyn , New York, Bengaluru

☆ Lordstown Motors founder sells remaining stake in EV startup
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 22 (Reuters) - Lordstown Motors (RIDE.O) founder and former CEO Stephen Burns has sold his entire stake in the electric-vehicle maker, according to a regulatory filing. The company in May implemented a reverse stock split to comply with Nasdaq's minimum $1 listing requirement and appease investor Foxconn (2317.T) that had threatened to scrap a $170 million funding in the cash-strapped company. Burns has sold his stake in three transactions between May and June, about 581,000 shares were divested before the reverse stock split and 791,572 shares after, the filing on Wednesday showed. The EV startup declined to comment on the stake sale. Earlier this month, Lordstown Motors said it planned to take legal action against Taiwanese contract manufacturer Foxconn to ensure the planned purchase of nearly 10% of the company's shares was not derailed.

Persons: Stephen Burns, Foxconn, Burns, Julio Rodriguez, Hindenburg, Lordstown, Hindenburg's, Tanya Jain, Shinjini Organizations: Lordstown Motors, Thomson Locations: Bengaluru

☆ Tingo hires law firm to conduct independent review after Hindenburg's claims
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +1 min

June 8 (Reuters) - Tingo Group said on Thursday it had hired law firm White & Case LLP to conduct an independent review after short-seller Hindenburg Research earlier this week alleged that the fintech firm had "fabricated" its financials. The company, which has refuted the allegations of misrepresentation and tax delinquency outlined in the report, said it will make no further comment until the review was complete. "Prior to today's appointment of White & Case LLP, the Company had commenced its own review to confirm, among other things, the number of farmers on Tingo Mobile and the Nwassa platform, the relationships with its contracted cooperatives, the relationship with the All Farmers Association of Nigeria, and the Company's cash balances," Tingo said. The company is Hindenburg's fourth target this year, after Indian conglomerate Adani Group, Jack Dorsey-led Block Inc (SQ.N) and Carl Icahn's flagship Icahn Enterprises (IEP.O). Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Dozy Mmobuosi's, Tingo, Jack Dorsey, Carl Icahn's, Mehnaz Yasmin, Shinjini Organizations: Tingo, White, Hindenburg, Case, Company, Tingo Mobile, All Farmers Association of Nigeria, Adani Group, Inc, Icahn Enterprises, Thomson Locations: The New Jersey, Africa, Southeast Asia, Nigeria, Bengaluru

☆ Two Adani Group firms to raise up to $2.57 billion from the market
▼ + stars: | 2023-05-13 | by ( ) www.cnbc.com time to read: +1 min

Signage of Adani Group at company's gas station in Ahmedabad, India, on Wednesday, Feb. 1, 2023. Two Adani group companies including the Indian conglomerate's flagship firm announced plans on Saturday to raise up to $2.57 billion from the market, months after a short-seller report battered investor confidence and drove share prices down. India's Adani Transmission said its board approved a plan to raise up to 85 billion rupees ($1.0 billion) from the stock market. Adani Enterprise said in a filing to exchanges that its board had approved plans to raise up to 125 billion Indian rupees ($1.53 billion) through similar modes. A planned $2.5 billion share sale by Adani Enterprise fell through in the wake of the scathing short-seller report.

☆ Carl Icahn's investment company has come under investigation by prosecutors following short-seller claims the firm was running a 'Ponzi-like' scheme
▼ + stars: | 2023-05-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Icahn Enterprises is being investigated by prosecutors after claims that the firm is running a "Ponzi-like" scheme. Prosecutors have asked the firm for information related to its financials, according to a Wednesday filing. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyCarl Icahn's investment firm, Icahn Enterprises, is being investigated by federal prosecutors after a short-seller accused the firm of running a "Ponzi-like" scheme. Prosecutors were seeking information related to Icahn Enterprises' corporate governance, stock offerings, dividends, and other aspects of its business, the filing said. Shares of Icahn Enterprises fell 19% on Wednesday, after losing nearly 25% the previous week after Hindenburg's report was first released.

☆ Analysis: Icahn's mark-up of meat packager extraordinary but possible, experts say
▼ + stars: | 2023-05-05 | by ( Koh Gui Qing | ) www.reuters.com time to read: +4 min

Hindenburg said Icahn Enterprises LP (IEP) (IEP.O) valued a meat packing company in which it owns a 90% stake three times over its market value. IEP cited "the lack of material trading volume" in Viskase's stock as grounds for the valuation mark-up in the filing. Viskase's shares are traded in the over-the-counter market rather than a major exchange such as Nasdaq or the New York Stock Exchange. On Thursday, IEP said after the stock market closed that it would preserve its dividend at $2 per unit for the first quarter. IEP's stock rose 10% in afterhours trading on the announcement.

☆ Icahn Enterprises to give $2 per depositary unit days after Hindenburg report
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - Icahn Enterprises (IEP.O) said on Thursday it was planning to distribute $2 per depositary unit for the quarter ended March 31, days after short seller Hindenburg's report sent the investment firm's shares to more than a-decade low. Its shares rose 6% after the bell as the company said the declaration of the depositary unit was ahead of schedule due to the inquiries following the report. "We would like to reassure our long-term unitholders that the market disruption caused by the self-serving Hindenburg report does not affect IEP's liquidity," said Carl Icahn, billionaire activist investor and chairman of Icahn Enterprises. Icahn said he disagrees with "the inflammatory assertions" in the Hindenburg report and intend to respond at "length – and to vigorously defend IEP and its unitholders". Hindenburg did not immediately respond to a Reuters request for comment.

☆ Short sellers haven't profited a lot from Hindenburg Research's salvo against Carl Icahn's investment firm
▼ + stars: | 2023-05-04 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Short sellers haven't profited significantly from Hindenburg Research's recent report against Icahn Enterprises. That's because Wall Street investors remain hesitant to place bets against the billionaire owner Carl Icahn, Bloomberg reported. Short sellers have made just $9 million in mark-to-market profit, per S3 Partners data. Hindenburg also alleged that the company is "using money taken in from new investors to pay out dividends to old investors." The short seller's report on Gautam Adani's company shaved tens of billions off of its market cap and dealt a huge blow to the billionaire's net worth.

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