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☆ 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

☆ Fintech Tingo's shares slump as short-seller Hindenburg takes aim
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

June 6 (Reuters) - Tingo Group (TIO.O) shares halved in value on Tuesday after short-seller Hindenburg Research criticized its founder and alleged that the fintech firm had "fabricated" its financials. Hindenburg also said Tingo was an "exceptionally obvious scam" and called out founder Dozy Mmobuosi's claims of having developed "the first mobile payment app in Nigeria". The New Jersey-based holding company, whose shares shed more than 59% to $1.04, operates in Africa, Southeast Asia and the Middle East. Shares of IEP have erased a fifth of their value after Hindenburg accused the company of overvaluing its holdings and relying on a "Ponzi-like" structure to pay dividends. Conglomerate Adani's market value took a $100 billion hit after the short-seller accused it of improper use of offshore tax havens.

Persons: Hindenburg, Tingo, Dozy Mmobuosi's, Dozy Mmobuosi, Jack Dorsey, Carl Icahn's, Mehnaz Yasmin, Anil D'Silva Organizations: Tingo, Hindenburg Research, Reuters, Adani Group, Inc, Icahn Enterprises, Thomson Locations: Nigeria, New Jersey, Africa, Southeast Asia, Bengaluru

☆ Indian ports will test tycoons' safe harbour
▼ + stars: | 2023-06-02 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

For the public market wannabe, it tees up a tricky benchmark in a global industry with few listed giants. JSW Infrastructure is closely aligned to India’s growth story. More than half of cargo handled at Indian ports last year was coal, petroleum oil and lubricants. JSW Infrastructure grew revenue 92% in the three years to March 2022, three times as fast as its rival. JSW Infrastructure, India’s second largest commercial ports operator by cargo handling capacity, in May filed for an initial public offering in Mumbai to raise up to 28 billion rupees ($340 million).

Persons: Gautam Adani, Sajjan Jindal, Adani, JSW, ”, Una Galani, Katrina Hamlin Organizations: Reuters, Hindenburg Research, Deloitte, JSW, Infrastructure, Deloitte Haskins, Securities and Exchange Board of India, JM Financial, Axis Bank, State Bank of India, HSBC, Credit Suisse, Thomson Locations: BENGALURU, Mumbai, Goa, Tamil Nadu, West, JSW

☆ GQG adds more Nvidia as chipmaker has a 'new leg', says CIO
▼ + stars: | 2023-06-01 | by ( Carolina Mandl | ) www.reuters.com time to read: +3 min

Fort Lauderdale, Florida-based GQG, which manages almost $100 billion in assets, added 8.2 million shares in Nvidia in the first quarter, worth $2.3 billion then, according to a regulatory filing. Since then, GQG has "meaningfully increased" its position in Nvidia, Chief Investment Officer Rajiv Jain said in an interview. The chipmaker is likely to give a boost to funds which have invested in it, as Nvidia's shares have more than doubled year to date amid an artificial intelligence boom. Two years ago, concerned about the company's high valuation, GQG had dumped all its Nvidia's shares, just to invest again in the first quarter. "Now Nvidia has gotten a new leg because of the ChatGPT-lead, AI narrative, which is very strong," said Jain, explaining his decision to reinvest.

Persons: Nvidia Corp's, GQG, Rajiv Jain, Jain, Adani, “ There's, Carolina Mandl, Susan Fenton Organizations: YORK, Nvidia, GQG Partners, Adani, Energy, Bloomberg, Thomson Locations: Australia, Fort Lauderdale , Florida, India, Adani, U.S

☆ India regulator proposes curbs on derivative-linked share moves
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, May 21 (Reuters) - India’s market regulator proposed measures to contain extreme price movements in shares on which futures and options trade, including longer trading suspensions and restricting price movements. The group collectively lost more than $100 billion in market value soon after the Hindenburg report was published. If shares are flagged for additional surveillance and monitoring should there be a daily limit for price moves, the regulator said. "From the perspective of market stability, risk management and protecting the interest of investors, it is desirable to have safeguards against such extreme price movements, SEBI said. Reporting by Jayshree P Upadhyay and M. Sriram; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Shares of companies of the coal-to-airports conglomerate, controlled by billionaire Gautam Adani, were up between 1.2% to 7% in late trade on Friday in a largely flat wider market. The group's listed companies lost more than $100 billion in market value earlier this year after U.S.-based Hindenburg Research raised several governance concerns. The court on Wednesday granted SEBI additional time until Aug. 14 to complete its investigation into possible violation of securities law and regulatory disclosures by the Adani group. Beside flagship Adani Enterprises (ADEL.NS), other group companies include edible oils business Adani Wilmar (ADAW.NS), Adani Ports (APSE.NS), Adani Green Energy (ADNA.NS), Adani Transmission (ADAI.NS), Adani Total Gas (ADAG.NS), Adani Power (ADAN.NS), broadcaster NDTV (NDTV.NS) and cement units ACC Ltd (ACC.NS) and Ambuja Cements (ABUJ.NS). The panel said, citing SEBI, there was evidence of a build-up in short positions on Adani group stocks ahead of the Hindenburg report.

☆ India market regulator probe into Adani violations drew a blank - panel report
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, May 19 (Reuters) - An committee constituted by India's Supreme Court to oversee investigations into the Adani group said India's markets regulator had “drawn a blank” on alleged violations by the group’s overseas entities, according to a report seen by Reuters on Friday. But the expert committee said that there was evidence of a build-up in short positions on Adani group stocks ahead of a report by the U.S based short seller Hindenburg Group, according to the report, which has not been made public. It was not possible to conclude whether there has been regulatory failure regarding price manipulations, the committee said in the report. The court formed the panel to examine the regulatory framework and allegations levelled against billionaire Gautam Adani's conglomerate. In January, U.S.-based short-seller Hindenburg Research raised several governance concerns around the Adani group, alleging improper use of tax havens and stock manipulation by the ports-to-energy conglomerate.

☆ Carl Icahn lost $9 billion on an ill-timed short trade. Here's what he says are 3 big lessons from the soured bet.
▼ + stars: | 2023-05-18 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Carl Icahn admitted a huge bet against the economy was wrong and cost $9 billion over six years. In an interview with the FT, Icahn reflected on his ill-timed short trade. Between 2020 and 2021, Icahn Enterprises reported $4.3 billion in short losses. Amid the losses, Icahn added $4 billion of his own funds into the company. Meanwhile, Icahn is fighting claims from activist investor Hindenburg Research, which announced it's shorting Icahn Enterprises and said the firm is run like a Ponzi scheme.

MUMBAI, May 17 (Reuters) - India's Supreme Court on Wednesday granted the country's market regulator additional time till August 14 to complete its investigation into possible violation of securities law and regulatory disclosures by the Adani group. Hindenburg Research had raised several governance concerns around the Adani group, leading to a loss of more than $100 billion in the market capitalisation of companies in the group founded by billionaire Gautam Adani. Following this, the Supreme Court had asked SEBI to probe some of the allegations made and submit a report to a court-appointed panel. Adani group companies are being probed for violation of this law. The Supreme Court directed the market regulator to place on record its findings so far relating to the investigation on violation of public float by the Adani group.

The Securities and Exchange Board of India (SEBI), in a filing, said it has approached 11 overseas regulators for information relating to whether the Adani group has violated any norms regarding its publicly available shares. India's Supreme Court is hearing an appeal from SEBI to give it an additional six months to complete its probe into the Adani group. However, the Supreme Court, in oral arguments, said that it was inclined to give a three-month extension. Oral arguments do not necessarily match the final court order, which will likely be given on Monday. Ahead of that order, SEBI, in its filing, reiterated that the Adani group's transactions highlighted by Hindenburg for violating Indian laws are highly complex and included many sub-transactions across numerous jurisdictions.

☆ 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.

☆ Stocks making the biggest moves midday: First Solar, News Corp, Charles Schwab, Twilio and more
▼ + stars: | 2023-05-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves midday:First Solar — Shares soared 26.48% after the solar company announced it is acquiring Evolar AB for up to $80 million. First Solar said the acquisition of the European company, which develops thin film used in solar panels, should accelerate its development of next-generation photovoltaic technology. News Corp — The media company's stock popped 8.48% after it reported an earnings and revenue beat for its fiscal third quarter after the bell Thursday, according to FactSet. JD.com — The Chinese e-commerce company's U.S.-listed shares slid 6.19%, a day after gaining 7.2% on an earnings beat. Charles Schwab — Shares of the brokerage firm rose 2.54% Friday after the company reported total client assets rose 1% in April.

☆ Glass Lewis backs two of Icahn's nominees for Illumina
▼ + stars: | 2023-05-11 | by ( ) www.reuters.com time to read: +2 min

May 10(Reuters) - Proxy adviser Glass Lewis said on Wednesday Illumina Inc (ILMN.O) shareholders should vote for two of Carl Icahn's nominees to the firm's board, as representatives who can challenge the current board would be beneficial to the company. Glass Lewis added shareholders should vote against the re-election of the current chief Francis deSouza and chair John Thompson, saying they had enough reasons to advocate for a new chair. Icahn, who owns 1.4% of Illumina, began a boardroom battle at the gene sequencing company in March. Glass Lewis said in a report it recommends shareholders support Icahn's nominees, Vincent Intrieri and Andrew Teno, adding the company's $7.1 billion acquisition of cancer-testing firm Grail had been a "costly, distracting, value-crimping millstone" for Illumina. However, it did not extend support to Icahn's third candidate, Jesse Lynn, adding that election of all three candidates was not needed.

☆ Stocks making the biggest moves midday: PTN, BYND, GOOGL, PACW and more
▼ + stars: | 2023-05-11 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

The entertainment giant also reported revenue and earnings in line with Wall Street's estimates, according to Refinitiv. AppLovin — Shares popped 23.53% following the company's first-quarter revenue beat. Unity Software's revenue of $500 million beat the $480 million expected from analysts polled by Refinitiv. Tapestry — Shares of the Coach parent jumped 8.27% after the company reported stronger-than-expected earnings and revenue for its latest quarter. Its first-quarter revenue came in at $441 million, versus analyst estimates of $425 million, according to Refinitiv.

☆ Icahn Enterprises fielding enquiries by U.S. prosecutors
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

May 10 (Reuters) - Icahn Enterprises LP (IEP.O) said on Wednesday it had received inquiries from U.S. prosecutors about its operations on May 3, a day after a short-seller accused it of over-valuing its assets. The disclosure from Icahn Enterprises that it had received inquiries from prosecutors in the Southern District of New York came as the firm posted a surprise quarterly loss, after volatility in markets hit returns on its investments. It added that the prosecutors had not made any claims or allegations against the company or Icahn. Icahn has called the report "self-serving" and said he stands by Icahn Enterprises statements about his finances. Excluding one-time items, Icahn Enterprises reported a loss of 11 cents per share, missing analysts' average estimate of a 19 cents profit, according to Refinitiv data.

☆ Icahn Enterprises shares slide on surprise quarterly loss
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - Icahn Enterprises LP (IEP.O) on Wednesday reported a surprise quarterly loss as volatility in markets hit returns on its investments, sending the shares of the company owned by billionaire Carl Icahn down nearly 8% before the bell. "Icahn has been using money taken in from new investors to pay out dividends to old investors," Hindenburg had alleged about the Florida-based company with investments in the energy, automotive, food packaging, real estate and other industries. Excluding one-time items, Icahn Enterprises reported a loss of 11 cents per share, missing analysts' average estimate of a 19 cents profit, according to Refinitiv data. Revenue for the quarter ended March 31 came in at $2.6 billion compared to $4.1 billion a year earlier. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Icahn Enterprises Under Investigation by Federal Prosecutors
▼ + stars: | 2023-05-10 | by ( Ben Foldy | ) www.wsj.com time to read: 1 min

Billionaire activist investor Carl Icahn. Photo: Victor J. Blue/BloombergFederal prosecutors opened an inquiry into Carl Icahn ’s investment company, the day after a short seller’s report said the firm was inflating the value of its assets, the company disclosed Wednesday. Icahn Enterprises , the publicly traded firm controlled by Mr. Icahn, was targeted by short seller Hindenburg Research early this month. The next day, the U.S. Attorney’s Office for the Southern District of New York contacted Icahn Enterprises asking for information about corporate governance, dividends and other topics, the firm said in a securities filing Wednesday.

☆ Icahn, Under Federal Investigation, Blasts Short Seller
▼ + stars: | 2023-05-10 | by ( Ben Foldy | ) www.wsj.com time to read: 1 min

Billionaire activist investor Carl Icahn. Photo: Victor J. Blue/BloombergFacing a federal probe over practices at his investment company, activist investor Carl Icahn went on the attack against the short seller that likely spurred the inquiry, accusing it of “wantonly destroying property and harming innocent civilians.”Icahn Enterprises , the publicly traded firm controlled by Mr. Icahn, was targeted by short seller Hindenburg Research early this month. The next day, the U.S. Attorney’s Office for the Southern District of New York contacted Icahn Enterprises asking for information about the value of its assets, corporate governance, dividends and other topics, the firm said in a securities filing Wednesday.

☆ 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.

☆ Carl Icahn's company stock falls as much as 20% after prosecutors seek financial information
▼ + stars: | 2023-05-10 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Regulators sought information a day after notable short seller Hindenburg Research took a short position against Icahn's company. The shares fell as much as 20% in morning trading, following a near 25% loss last week. Icahn Enterprises , Carl Icahn's conglomerate, saw its stock drop again Wednesday after a disclosure showed regulators are seeking information regarding its corporate governance. Headquartered in Sunny Isles Beach, Florida, Icahn Enterprises is a holding company that invests in a myriad of businesses including energy, automotive, food packaging, metals and real estate. Shares of Icahn Enterprises are now down more than 35% year to date.

☆ Carl Icahn’s Firm Faces Federal Inquiry
▼ + stars: | 2023-05-10 | by ( Maureen Farrell | Matthew Goldstein | ) www.nytimes.com time to read: +1 min

The investment firm controlled by the billionaire activist investor Carl C. Icahn has fielded questions from federal prosecutors about its management and operations, according to a securities filing made on Wednesday. On May 3, federal prosecutors in Manhattan requested documents from Mr. Icahn and his firm just one day after his publicly traded company, Icahn Enterprises, became a target of Hindenburg Research, the short-seller firm that has made its name in recent years by taking on the Indian tycoon Gautam Adani and the Twitter co-founder Jack Dorsey. News of the inquiry was the latest setback for Mr. Icahn, who is best known for targeting publicly traded companies and their chief executives and pressuring management to make changes. Short sellers profit when stock prices fall, and shares of Icahn Enterprises have fallen nearly 40 percent since Hindenburg Research released a report last week, accusing the company of running “Ponzi-like economic structures.” On Wednesday, the stock fell about 15 percent on news of the federal inquiry.

☆ Stocks making the biggest moves midday: Roblox, Icahn Enterprises, Rivian, Airbnb and more
▼ + stars: | 2023-05-10 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

On Tuesday, the company reported a smaller-than-expected quarterly loss and said it expects to still meet forward guidance targets. Its revenue of $661 million topped the $652 million expected from analysts polled by Refinitiv. Twilio anticipates between $980 million and $990 million in revenue, while analysts polled by Refinitiv were expecting $1.05 billion in revenue. On Tuesday, the company reported same-store sales and revenue for the first quarter missed analysts' expectations, according to FactSet. On Tuesday, Occidental posted first-quarter adjusted earnings per share of $1.09, which is less than the $1.24 estimate from analysts polled by FactSet.

☆ MSCI to lower free float of two Adani companies
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

May 5 (Reuters) - MSCI will lower the free float of two of India's Adani Group companies, Adani Total Gas (ADAG.NS) and Adani Transmission (ADAI.NS) in its May index review, the financial index provider said on Friday. MSCI now sees the Adani Total Gas' free float at 14% and Adani Transmission at 10%, from 25%. Free float is defined as the proportion of outstanding shares considered available for purchase in public equity markets by international investors. In February, MSCI postponed implementation of these updates to weightings that were due March and said "potential replicability issues" are behind the decision. MSCI also said in the same month it will review the free float designation of some of the Adani firms' securities after U.S. short seller Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation.

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