Hindenburg Research

Sampled claims

• Supported74
  A September 2020 Hindenburg Research report said a Nikola promotional video showed its truck rolling down a hill after being towed up, not driving under its own power.
  Nikola CorporationShort-seller report, 10 September 20202 records citedProduct claims
• Partly supported73
  The Hindenburg report said Nikola's claims to design key components in house were false and that it bought inverters from a supplier called Cascadia.
  Nikola CorporationShort-seller report, 10 September 20202 records citedProduct claims
• Unresolved46
  The January 2023 Hindenburg report said the Adani Group had engaged in a brazen stock manipulation and accounting fraud scheme over decades.
  Adani GroupShort-seller report, 24 January 20232 records citedMarket conduct
• Contradicted77
  The Hindenburg report said it identified numerous undisclosed related party transactions by listed and private Adani companies.
  Adani GroupShort-seller report, 24 January 20233 records citedDisclosure
• Opinion54
  The May 2023 Hindenburg report described IEP's economic structure as ponzi-like.
  Icahn Enterprises L.P.Short-seller report, 2 May 20232 records citedMarket conduct
• Supported85
  The Hindenburg report said Icahn had pledged 181.4 million units, about 60% of his IEP holdings, for personal margin loans.
  Icahn Enterprises L.P.Short-seller report, 2 May 20233 records citedDisclosure
• Unresolved42
  The Hindenburg report said Icahn had been using money taken in from new investors to pay dividends to old investors.
  Icahn Enterprises L.P.Short-seller report, 2 May 20232 records citedMarket conduct
• Unresolved53
  The August 2024 Hindenburg report said a 2024 lawsuit alleged Super Micro restarted improper revenue recognition three months after its earlier SEC settlement.
  Super Micro Computer, Inc.Short-seller report, 27 August 20242 records citedAccounting
• Unresolved53
  The August 2024 Hindenburg report said in its title that it found evidence of sanctions evasion at Super Micro.
  Super Micro Computer, Inc.Short-seller report, 27 August 20243 records citedSanctions

Reports and statements sampled

• Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in AmericaShort-seller report, 10 September 2020
• Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate HistoryShort-seller report, 24 January 2023
• Icahn Enterprises: The Corporate Raider Throwing Stones From His Own Glass HouseShort-seller report, 2 May 2023
• Super Micro: Fresh Evidence Of Accounting Manipulation, Sibling Self-Dealing And Sanctions Evasion At This AI High FlyerShort-seller report, 27 August 2024

Responses on record

• Nikola Corporation, 14 September 2020, on this claim: Nikola said the video was described as in motion and never as under its own propulsion.^S2
• Icahn Enterprises L.P., 16 September 2024, on this claim: IEP called the lawsuit claims meritless and copied from false and misleading Hindenburg reports.^S3
• Super Micro Computer, Inc., 2 December 2024, on this claim: The company said its board committee found no evidence of fraud and expected no restatement.^S3

Sources

1. S2Tier C Nikola disputes fraud claims in carefully worded rebuttalTechCrunch. Press report. 14 September 2020.Report by Kirsten Korosec quoting Nikola's rebuttal. Supports what Nikola said, not the truth of either side.Link working, checked 25 October 2026
2. S3Tier B ICAHN ENTERPRISES VINDICATED BY DISMISSAL OF MERITLESS LAWSUIT THAT PARROTED FALSE AND MISLEADING CLAIMS PUBLISHED BY HINDENBURG “RESEARCH”Icahn Enterprises L.P.. Company statement. 16 September 2024.Company account of the class action dismissal and of the SEC outcome. Its characterizations are the company's own.
3. S3Tier B Supermicro Announces Completion of Review by Independent Special CommitteeSuper Micro Computer, Inc.. Commissioned report. 2 December 2024.Company release on the board committee's findings. Attributed as a commissioned review, not an independent ruling.