THE ADANI GROUP IS NOT THE ONLY ONE TO FEEL HINDENBURG’S HEAT.

It’s Wall Street’s ultimate David: A tiny ten-person research outfit that has brought down a series of Goliaths by uncovering fraud, self-dealing and accounting irregularities. Hindenburg Research, which was founded in 2017 by a former financial analyst named Nate Anderson, now 38, and which is named after one of the world’s most famous man-made disasters, sells shares in its targets short, profiting when they fall. Some of its victims (so far):

Block: On March 23, Hindenburg accused Jack Dorsey’s fintech giant Block of facilitating fraud and criminal activity through Cash App, its popular peerto-peer payments product. Shares fell 15% that day. Block said the allegations are “factually inaccurate and misleading” and that it plans to explore legal action against Hindenburg.

Nikola Motors: The electric truck startup’s many deceptions, including an infamous video that purported to show an e-truck being driven when in fact it was merely rolling down a hill, were exposed by Hindenburg in September 2020. Ten days later, Nikola founder Trevor Milton resigned as executive chairman. He was later convicted on three counts of fraud. Shares are down 98% from their 2020 peak. Yangtze River Port &

Logistics: The China-based logistics firm lost 93% of its $2 billion market value, then was delisted from the Nasdaq stock exchange in May 2019, six months after Hindenburg alleged that at least 77% of its assets were fabricated.

Aphria: The Canadian cannabis company made a series of self-dealing acquisitions, according to three separate Hindenburg reports published in 2018, leading the CEO and his cofounder to resign. Aphria also wrote down the value of the Latin American assets at the center of the allegations.