Founder of muckraking financial information firm Hindenburg Research calls it quits

abcnews.go.com:

The founder of the muckraking financial research firm Hindenburg Research says he is disbanding the organization after finishing the work it set out to do

BANGKOK — Nate Anderson, the founder of the muckraking financial information firm Hindenburg Research, says he is disbanding the organization after it finished the pipeline of work it set out to do.

Hindenburg, founded in 2017, has a track record of sending the stock prices of its targets tumbling by disclosing fraud and other abuses that it has unearthed through deep forensic financial research. It had a financial incentive to do so, using a trading technique called short-selling to make money if its reports caused stock and bond prices of its targeted companies to fall.

In one of its dozens of projects, it focused on the Indian conglomerate Adani Group, accusing it of “a brazen stock manipulation and accounting fraud scheme.” Hindenburg cited two years of research, including talks with former Adani senior executives and reviews of thousands of documents. Adani has challenged the allegations, which caused share prices of its group companies to plunge.

In another case, Hindenburg Research questioned the number of pre-orders that startup electric truck maker Lordstown Motors had reported for its Endurance model, leading to a shakeup in its management. The automaker has been struggling and sold a huge auto assembly plant in Ohio to Taiwan iPhone manufacturer Foxconn to alleviate its financial woes.

Anderson said in a letter posted in X, or Twitter, late Wednesday that he was “writing this from a place of joy,” but that Hindenburg was a chapter in his life, “not a central thing that defines me.”

He said there was no specific reason for choosing to quit, though the