Comment by spoaceman7777
3 days ago
Good.
After the details of the sources on the absurd hitjob they did on Super Micro came out recently, they should be deeply embarrassed.
The whole thing was basically just the claims of a disgruntled sales manager, of very dubious character, fluffed up to seem like there was some legion of internal whistleblowers.
Not to mention relying heavily on mixing in details of long settled previous issues at the company to lend credence to the dubiously evidenced current claims of malfeasance. Shameful profiteering on the part of Hindenburg there.
They should have nipped that report in the bud instead of sloshing it out the door.
Can you say more about the Supermicro “hit job”? Last thing I saw was E&Y resigning as their auditor which certainly suggests some potential accounting issues.
Yea the Adani report already had me skeptical but the Supermicro hit job, and the fact that multiple independent auditors haven’t found the same claimed problems in their accounting, has made Hindenburg look a lot more shady. This to me looks like an incompetent firm that profited from big short positions and potentially false reports, now closing shop so there’s no assets to claim in a lawsuit.
Adani Group which was charged in November by the SEC for bribery?
https://www.hindustantimes.com/business/adani-group-shares-p...
The SEC is charging them with it (as did the DOJ in parallel) - but that’s not the same as a judgment. The way this works is the SEC accuses, and it will need to then go through the legal process of our justice system (or settle it separately). But as of right now, the Adani group hasn’t been found guilty of anything.
The main issue raised in Hindenburg’s report is around accounting. It is too early to draw any final conclusions since I don’t think independent audits have been conducted yet. The Adani group consists of many companies in many industries - some of them did switch auditors after the report came out and financial filings have continued normally since those changes. I don’t think any smoking gun has come out yet that actually proves the accusations from Hindenburg.
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It is interesting that their 'About' page mentions a lot of their work but no mention of Adani - which would have arguably been their biggest.