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☆ 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.

☆ 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.

☆ 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

☆ 'I think he's earned it', says Wolfpack's Dan David on criticism leveled at Carl Icahn's group
▼ + stars: | 2023-05-03 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'I think he's earned it', says Wolfpack's Dan David on criticism leveled at Carl Icahn's groupDan David, Wolfpack Research founder and activist short-seller, joins 'Last Call' to talk Hindenburg's targeting of Carl Icahn's 'Ichan Enterprises', the stock reaction, Chinese stocks, and more.

☆ Hindenburg takes on billionaire Icahn with latest short position
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

May 2 (Reuters) - Hindenburg Research said on Tuesday it has a short position in activist investor Carl Icahn-controlled energy-to-pharma conglomerate Icahn Enterprises (IEP.O), making it the latest in a string of recent high-profile targets of the U.S. short seller. Icahn Enterprises did not immediately respond to a request for comment and Reuters could not independently verify the claims the short-seller has made in its report. Hindenburg also claimed Icahn was operating a "ponzi-like economic structure," selling its units to new investors to support its dividend payouts. Based in Sunny Isles Beach, Florida, Icahn Enterprises is one of the most successful activist investment firms and the chief investment vehicle of Icahn, who is known for his face-offs with several high-profile firms. As of last close, shares were down marginally this year, giving Icahn Enterprises a valuation of roughly $18 billion.

☆ The short seller that took on Asia's richest man has a new target: Wall Street legend Carl Icahn
▼ + stars: | 2023-05-02 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Hindenburg Research unveiled its short position against Carl Icahn's holding company on Tuesday. The short seller has also targeted Adani Group and payments company Block this year. Hindenburg Research, which earlier this year released a scathing report on Indian conglomerate Adani Group, unveiled its short position against Icahn Enterprises on Tuesday. Shares of Icahn Enterprises plunged nearly 20% shortly after the opening bell, trading at $41.49 at 10:05 a.m. Icahn Enterprises did not immediately respond to Insider's request for comment.

In a report published on Tuesday, Hindenburg accused IEP of overvaluing its holdings and relying on a "Ponzi-like" structure to pay dividends. The subsequent plunge in IEP shares wiped $2.9 billion off Icahn's net worth, leaving him with an estimated $14.7 billion, according to Forbes. NAV is a key gauge of a fund's performance, measuring the market value of securities held by the fund. Driving the frothiness in IEP's stock, Hindenburg argued, is its dividend yield of 15.8%, the highest of any U.S. large cap company by far. Hindenburg also offered examples it said showed IEP itself was valuing its holdings way above their market value.

MUMBAI, NEW DELHI, April 29 (Reuters) - India’s market regulator has asked for a six-month extension to complete its probe into possible lapses in securities market laws and regulatory disclosures by billionaire Gautam Adani's Adani group, according to a court document seen by Reuters. SEBI and the Adani group did not immediately respond to a Reuters request for comment. The Supreme Court asked the regulator to conduct an inquiry into Adani after U.S.-based short-seller Hindenburg Research raised concerns around its governance practices in a January report. In its application, the regulator said it needed more time "to conduct a proper investigation and arrive at verified findings". The regulator said that it had received information from several Adani group entities.

☆ Dollar bonds of India's Adani Ports rise as company starts debt buyback
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, April 24 (Reuters) - The U.S. dollar-denominated bonds issued by India's Adani Ports and Special Economic Zone (APSE.NS) rose on Monday, after the company commenced a cash tender offer for a buyback of securities. On Monday, Adani Ports and Special Economic Zone (APSE.NS), part of the beleaguered Adani Group, said it has floated a tender of up to $130 million of 3.375% 2024 maturity dollar-denominated bonds. The company has engaged Barclays Bank, DBS Bank, Emirates NBD Bank PJSC, First Abu Dhabi Bank, PJSC, MUFG Securities Asia Singapore Branch, SMBC Nikko Securities (Hong Kong) and StandardChartered Bank to serve as dealer managers for the offer. The dollar bonds of Adani Transmission (ADAI.NS), Adani Green Energy (ADNA.NS) and Adani Electricity Mumbai were trading mixed. However, India's market regulator is looking into Hindenburg's allegations as well as the group's related party dealings following a Supreme Court directive.

☆ Norway’s giant sovereign wealth fund says there’s money to be saved by identifying ‘rotten apples’
▼ + stars: | 2023-04-18 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Norges Bank Investment Management CEO Nicolai Tangen says it is becoming increasingly important to identify as many "rotten apples" as it can. Norway's gigantic sovereign wealth fund believes it is becoming increasingly important to identify as many "rotten apples" as possible, saying there is money to be saved by reducing risks to companies whose state of health is not all as it seems. "We think it's becoming more and more important to put resources into finding what I call the 'rotten apples.' The Jan. 24 report accused Adani Group companies of "brazen stock manipulation and accounting fraud" — allegations that the conglomerate has denied. We'll never be able to spot all of the 'rotten apples', but we can try to find as many as we can."

☆ Adani trumpets stable ties to global banks in bid to ease investor worries, document shows
▼ + stars: | 2023-04-05 | by ( Aditya Kalra | ) www.reuters.com time to read: +3 min

The document, which was reviewed by Reuters, did not elaborate on how the lenders reaffirmed their commitment to the Adani group. Adani group did not respond to a request for comment. Mitsubishi UFJ Financial Group Inc (MUFG) (8306.T), Sumitomo Mitsui Financial Group Inc's (8316.T) SMBC unit, Mizuho Financial Group (8411.T), Standard Chartered (STAN.L) and Deutsche Bank (DBKGn.DE) did not immediately respond. CONCERNS ABOUT DEBTThe Hindenburg report had sparked concern among investors about banks' exposures to the Adani group. Now, 39% of Adani's debt is currently in the form of bonds, 29% is from global banks and 32% comes from public or private banks in India, the Adani document added.

☆ 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.

☆ It's becoming increasingly clear that fintech has a fraud problem
▼ + stars: | 2023-03-29 | by ( Bianca Chan | Paige Hagy | ) www.businessinsider.com time to read: +8 min

"With fast growth comes fast fraud," Frank McKenna, a longtime fraud expert who works with banks, lenders, and fintechs, told Insider. Cash App only requires a zip code, debit-card number, and either an email or phone number to create an account. Cash App's alleged fraud problem could also be the result of its large, active customer base, which numbers some 44 million, according to the company's 2022 annual report. The fact that Cash App offers peer-to-peer payments exacerbates the fraud issue, according to McKenna, the chief fraud strategist at Point Predictive, an anti-fraud software company. Digital-only bank Chime has had its own issues with fraud, Jason Mikula, a fintech analyst and consultant, told Insider.

☆ Adani shares tumble on report group seeking time to pay ACC, Ambuja debt
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, March 28 (Reuters) - Shares of Adani Group companies tumbled on Tuesday after a report said the conglomerate was seeking to renegotiate terms of outstanding loans worth $4 billion taken last year to buy cement firms ACC (ACC.NS) and Ambuja Cements (ABUJ.NS). The group's flagship firm, Adani Enterprises (ADEL.NS), slid nearly 8% to a near four-week low, while Adani Ports (APSE.NS) tumbled 9.2%. The Adani Group and lenders Standard Chartered, Barclays and Deutsche Bank did not immediately respond to Reuters' requests for comment. Whatever expansion plans announced by Adani Ports, Adani Enterprises, and even Adani Total, for the next two years will undergo delays," said Avinash Gorakshakar, head - research of Profitmart Securities. Since the Hindenburg report, Adani Group stocks have lost between 22% and 80%.

☆ India's disqualified Gandhi says he will not stop asking Modi questions
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +3 min

NEW DELHI, March 25 (Reuters) - Indian opposition leader Rahul Gandhi said on Saturday he had been disqualified from parliament because he has been asking the prime minister tough questions about his relationship with Gautam Adani, founder of the embattled Adani conglomerate. Gandhi, who represented India’s main opposition Congress party in parliament, lost his seat on Friday, a day after a court in the western state of Gujarat convicted him in a defamation case and sentenced him to two years in jail. The defamation case was filed in connection with comments Gandhi made in a speech that many deemed insulting to Prime Minister Narendra Modi. India's next general election is due by mid-2024 and Gandhi has recently been trying to revive the fortunes of his party. Modi’s enormous popularity remains intact despite the accusations of undue favours to the Adani group, approval ratings have shown.

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