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☆ 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

☆ 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

☆ 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

☆ Stocks making the biggest moves midday: Amazon, Apple, Block, Tupperware and more
▼ + stars: | 2023-08-04 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Apple reported earnings per share for the fiscal third quarter of $1.26, 7 cents more than expected by analysts polled by Refinitiv. The company posted adjusted earnings of $37.62 per share on revenue of $5.46 billion in the second quarter. Fortinet posted 38 cents in adjusted earnings per share, while analysts polled by Refinitiv expected 34 cents per share. Dropbox posted 51 cents in adjusted earnings per share, while analysts surveyed by Refinitiv anticipated 46 cents. The company reported adjusted earnings per share of 18 cents Thursday, topping the 10 cents expected from analysts polled by StreetAccount.

Persons: Tupperware, Carl Icahn's, Hindenburg, Jack Dorsey, Nikola —, Nikola, Fortinet, Refinitiv, Opendoor, DraftKings, Dropbox, Sprout, Raymond James, —, Samantha Subin, Hakyung Kim, Pia Singh, Michelle Fox, Yun Li Organizations: Apple, Refinitiv, Revenue, Holdings, Icahn, Fortinet, Technologies, Refinitiv . Revenue, Tagger Media, Exchange, Citi, StreetAccount, Petrobras —, JPMorgan Locations: U.S, Canada

☆ India's Adani confident of governance and disclosure standards, chairman says
▼ + stars: | 2023-07-18 | by ( ) www.cnbc.com time to read: +1 min

Signage of Adani Group at Adani Defence and Aerospace booth during the Aero India 2023 at Air Force Station Yelahanka in Bengaluru, India, on Monday, Feb. 13, 2023. India's Adani Group is confident of its governance and disclosure standards after a top court panel found no lapses at the conglomerate, its chairman said on Tuesday, while detailing the fallout of a U.S. short-seller's scathing report that jolted its stocks. The panel report "confirmed the quality of our group's disclosures and found no instance of any breach," Adani Chairman Gautam Adani said in his first comments on the findings, in a shareholder address at Adani Enterprises' annual general meeting. "While SEBI is still to submit its report, we remain confident of our governance and disclosure standards, Adani said, referring to the Securities and Exchange Board of India. Adani Enterprises shares climbed over 4% on Tuesday.

Persons: India's, Gautam Adani, Adani, SEBI, Hindenburg Organizations: Adani Defence, Aerospace, Aero, Air Force, Adani Enterprises, Securities and Exchange Board of India, Adani Group Locations: Bengaluru, India

☆ India's Adani Green to raise $1.5 bln in green energy push
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

July 6 (Reuters) - India's Adani Green Energy (ADNA.NS), controlled by billionaire Gautam Adani,said on Thursday it approved raising 123 billion rupees ($1.49 billion) through qualified institutional placement. The renewables company will use the funds to diversify its green energy supply in the country, Bloomberg had reported earlier in the day, citing sources familiar with the matter. The company plans to expand its green energy capacity by about 3 gigawatts this fiscal year, spending around 140 billion rupees ($1.70 billion), its finance chief Phuntsok Wangyal had said in May. In May, two other Adani group companies - Adani Transmission (ADAI.NS) and Adani Enterprise (ADEL.NS) - outlined plans to raise up to $2.57 billion after a U.S. short-seller's critical report in January battered investor confidence. Adani Energy's shares alone have halved in value so far this year.

Persons: Gautam Adani, Phuntsok Wangyal, Hindenburg, Adani, Adani Energy's, Indranil Sarkar, Urvi, Nivedita Bhattacharjee, Eileen Soreng, Savio D'Souza Organizations: Energy, Bloomberg, Adani, Thomson Locations: Bengaluru

☆ 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.

[1/2] Block Inc logo is seen displayed in this illustration taken, April 10, 2023. Shares of Block, formerly called Square, rose more than 4% in extended trading on Thursday. Prior to market close, its stock was down more than 10% from the beginning of this year. Block has denied the allegations and has said it would explore legal action against the short seller. Short sellers like Hindenburg typically sell borrowed securities and aim to buy these back at a lower price.

☆ 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.

☆ Icahn's investment firm sinks further, down 40% since Hindenburg attack
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

May 3 (Reuters) - Shares of activist investor Carl Icahn's investment firm lost nearly a fifth of their value on Wednesday, adding to a 20% decline a day earlier following short seller Hindenburg Research's scathing attack on the company. Icahn Enterprises LP's (IEP.O) shares hit an intraday low of $31.78 - their lowest in more than a decade. Hindenburg accused the company of over-valuing its holdings and relying on a "Ponzi-like" structure to pay dividends. But Hindenburg has taken on several high-profile targets in recent months, including India's Adani Group and Jack Dorsey-led Block Inc (SQ.N). Since its release on Tuesday, the report has wiped $7.5 billion off Icahn's fortune, leaving him with a net worth of $10.8 billion, according to Forbes.

☆ Block investors may seek clarity on Cash App after Hindenburg report
▼ + stars: | 2023-05-03 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +3 min

May 3 (Reuters) - Jack Dorsey-led Block Inc's (SQ.N) first-quarter results will likely see investors zoom in on the payments firm's Cash App business following U.S. short-seller Hindenburg Research's allegations including inflated user count. Morgan Stanley analysts in April said that some bearish investors remain uncertain about the amount of gross profit that is generated by "potential illicit activity" on the Cash App platform. "Eventually, bears suspect a meaningful amount of gross profit might come under pressure if regulators crack down on Cash App, and also think this makes it hard to accept that Cash App can be a legitimate, trusted bank in the long-term," they added. Block has touted Cash App as an alternative to traditional banking services. Cash App reported 51 million monthly active customers as of Dec. 31, of which 44 million were verified.

☆ Icahn's investment firm sinks further, down 35% since Hindenburg attack
▼ + stars: | 2023-05-03 | by ( Niket Nishant | ) www.reuters.com time to read: +2 min

May 3 (Reuters) - Shares of activist investor Carl Icahn's investment firm lost nearly a fifth of their value on Wednesday, adding to a 20% decline a day earlier following short seller Hindenburg Research's scathing attack on the company. Icahn Enterprises LP's (IEP.O) shares hit an intraday low of $31.78 - their lowest in more than a decade. The stock has lost nearly 35% since the release of the report. Icahn owned about 85% of the investment firm, as of Feb. 22 this year. Since its release on Tuesday, the Hindenburg report has wiped $7.5 billion off Icahn's fortune, leaving him with a net worth of $10.8 billion, according to Forbes.

☆ Bill Ackman jabs at old rival Carl Icahn after short-seller Hindenburg's bombshell report
▼ + stars: | 2023-05-03 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Bill Ackman said Tuesday that there's a "karmic quality" to Hindenburg Research's attack on his old rival Carl Icahn. Hindenburg disclosed a short position against Icahn's business empire in a bombshell report published Tuesday. "There is a karmic quality to this short report that reinforces the notion of a circle of life and death," Ackman tweeted. Ackman and Icahn feuded over a decade ago after Ackman made a $1 billion bet against Herbalife, which he alleged was a pyramid scheme. Read more: The short seller that took on Asia's richest man has a new target: Wall Street legend Carl Icahn

☆ Activist investor Carl Icahn's wealth plunged by $10 billion after a short-seller accused his company of running a 'Ponzi-like' structure
▼ + stars: | 2023-05-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Hindenburg Research released a report alleging "Ponzi-like" economic structures at Icahn Enterprises. Shares of Icahn Enterprises closed 20% lower at $40.36 on Tuesday. Activist investor Carl Icahn's wealth plunged by $10 billion on Tuesday after Hindenburg Research — a short-seller that took on one of Asia's richest men earlier this year — targeted Icahn Enterprises with a scathing report. As Icahn derives his wealth from an 89% stake in Icahn Enterprises, his fortune was hit by the rout. Insider was unable to reach Icahn Enterprises via phone outside regular business hours.

☆ Exclusive: India regulator probing some Adani offshore deals for possible rule violations-sources
▼ + stars: | 2023-04-01 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +4 min

An Adani Group spokesperson said Vinod Adani is a member of the Adani family and is part of the promoter group, but he does not hold any managerial position in any of the listed Adani entities or their subsidiaries. Vinod Adani could not be reached for comment. Hindenburg's report eroded more than $100 billion in the value of shares in Adani group of companies. India's Supreme Court asked SEBI in March to investigate the Adani Group for any lapses related to public shareholding, related party rules or regulatory disclosures. SEBI's investigation into Adani's possible 'related party' transactions with offshore entities with links to Vinod Adani has not been reported before.

☆ Hindenburg says Block response confirms it inflated Cash App user counts
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

March 31 (Reuters) - U.S. short seller Hindenburg Research said on Friday Block Inc's (SQ.N) response to its allegations confirmed it had reported inflated user counts on its Cash App to investors for years. The payments firm led by Twitter co-founder Jack Dorsey said on Thursday that 44 million of its more than 51 million monthly active customers on Cash App were verified through its identity program as of Dec. 31. "Block's newly reported internal estimates also show that its previously reported 51 million monthly transacting actives as of December 2022 represented a 16%-31% inflation of its actual estimated internal user counts," Hindenburg said in a note published on its website. After taking a short position in Block, Hindenburg alleged in the report that the payments firm overstated its Cash App user numbers and understated its customer acquisition costs. Short sellers typically sell borrowed securities and aim to buy these back at a lower price.

☆ Block gave a 'robust' response to brutal short-seller report, and shares of the Cash App parent are looking at 40% upside, Bank of America says
▼ + stars: | 2023-03-31 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Block gave a "robust" response to Hindenburg Research's report raising fraud concerns at the Cash App parent. The short-seller said its two-year investigation raised concerns about Block's reporting on monthly active accounts on Cash App and related compliance processes. "These metrics suggest that the short report's allegation that 40-75% of Cash App accounts are fake/fraudulent/duplicative is not credible." Hindenburg said Friday that Block's response "confirmed it has reported inflated user counts to investors for years." Downside risks to BofA's price objective include intensifying competition, macro conditions for small and medium-sized businesses, and a lack of diversification for Cash App revenue and gross profit streams.

☆ Block says Cash App has 44 mln verified monthly users after Hindenburg report
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

March 30 (Reuters) - Block Inc (SQ.N) said on Thursday 44 million of its more 51 million monthly active customers on Cash App were verified through its identity program as of Dec. 31. The payments firm also estimated that the verified accounts constituted roughly 97% of Cash App inflows. After taking a short position in Block, the report alleged that the payments firm led by Twitter co-founder Jack Dorsey overstated its Cash App user numbers and understated its customer acquisition costs. Block has denied the allegations, saying it would explore legal action against the short seller for its "factually inaccurate and misleading report" that was "designed to deceive and confuse investors". Reporting by Manya Saini in Bengaluru; Editing by Pooja Desai and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Fitch says contagion risks loom over two Adani entities
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

March 29 (Reuters) - Ratings agency Fitch said two Adani Group subsidiaries are exposed to "heightened contagion risks", possibly affecting their financial flexibility, due to governance weakness at the parent conglomerate and other Adani group companies. Fitch said that Adani Transmission Ltd (ADAI.NS) and Adani Ports and Special Economic Zone (APSE.NS) are prone to risks, according to a note released late on Tuesday. Fitch early last month said it had seen no immediate impact on its ratings of Adani Group entities and their securities following short-seller Hindenburg Research's Jan. 24 report on the conglomerate. Fitch still said "cash flow generation from January 2023 to March 2024 will boost the liquidity of the rated groups." Reporting by Juby Babu in Bengaluru and Praveen Paramasivam in Chennai; Editing by Sonia Cheema, Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ Cramer says it's really easy to hate short sellers, particularly if you own Block
▼ + stars: | 2023-03-24 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCramer says it's really easy to hate short sellers, particularly if you own BlockMad Money host Jim Cramer weighs in on short seller Hindenburg Research's recommendation that investors sell Block shares.

☆ Atlantic Equities downgrades Block on lack of clarity around Cash App after Hindenburg short
▼ + stars: | 2023-03-24 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Atlantic Equities is turning more cautious on shares of Block as it awaits more clarity on its Cash App product in the wake of Hindenburg Research's short position. Shares slumped 5% before the bell, building on a near 15% dive Thursday after Hindenburg Research revealed a short on Block, saying that its Cash App platform enables criminal activity, lacks strong compliance controls and uses predatory fees. Hindenburg also said Block inflates Cash App user metrics. SQ 1D mountain Block shares tumble Block responded to Hindenburg, saying that it plans to work with the Securities and Exchange Commission to explore legal action against the short seller. Looking ahead, Malde views illegal activity as the greatest risk for Cash App.

☆ Watch CNBC's full interview on Hindenburg's allegations against Block with SVB MoffettNathanson's Lisa Ellis and Empire Financial's Herb Greenberg
▼ + stars: | 2023-03-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview on Hindenburg's allegations against Block with SVB MoffettNathanson's Lisa Ellis and Empire Financial's Herb GreenbergSVB MoffettNathanson's Lisa Ellis and Herb Greenberg of Empire Financial Research join 'Closing Bell: Overtime' to discuss Hindenburg Research's allegations that Block is engaged in fraud.

☆ Adani seeks to sell stake in Ambuja Cement for $450 mln to reduce debt - FT
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - Gautam Adani is seeking to sell a stake in Ambuja Cement (ABUJ.NS) for about $450 million, the Financial Times reported on Friday, citing people familiar with the matter. Adani on Thursday made a formal request to international lenders to sell 4% to 5% in Ambuja, his cement business, the report said. The Adani Group did not immediately respond to a Reuters request for comment. The embattled Adani Group last year acquired Holcim AG's (HOLN.S) cement businesses in India – Ambuja Cements and ACC Ltd (ACC.NS) – for $10.5 billion, its largest-ever acquisition. Ambuja Cements closed down 1.7%, while ACC ended down 0.7% on Friday.

☆ Indian shares muted on Fed rate-hike concerns; Adani stocks tumble
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 9 (Reuters) - Indian shares struggled for direction on Thursday, on concerns over the U.S. Federal Reserve's rate-hike trajectory, while a drop in Adani Group company stocks also dampened sentiment. Twenty-six of the Nifty 50 constituents declined, with Adani Enterprises (ADEL.NS) and Adani Ports (APSE.NS) falling 7.9% and 3.5%, respectively. Index provider MSCI said on Thursday it had determined that some Adani securities should no longer be designated as free float. read moreSeveral institutional investors and funds allocate as per the MSCI index and consider it a benchmark. If the weightage of Adani stocks gets reduced in the index following a review, it would lead to outflows and likely result in a slide in the group's stock, two analysts said.

☆ Adani Power profit slumps as fuel costs nearly double
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

Adani Group first said it would evaluate an independent review while reporting results for other group companies on Tuesday. Group company Adani Wilmar too said Hindenburg Research's report had no bearing on its operations. read moreAdani Power - the power generating arm of the Adani Group- posted consolidated net profit of 87.7 million rupees ($1.06 million) in the three months ended Dec 31, down from 2.18 billion rupees a year ago. Fuel costs, which account for about 70% of the company's total expenses, nearly doubled to 55.33 billion rupees. Shares of Adani Power have fallen nearly 34% since Jan. 24, taking the company's losses to $4.3 billion since the Hindenburg report came out, while the group's losses have ballooned to over $102 billion.

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