In its fight against Hindenburg’s allegations of corruption, money laundering and taxpayer theft, Gautam Adani led Adani Group has hired activism defense law firm Wachtell, Lipton, Katz and Rosen.
Over the past few weeks, companies associated with Adani Group suffered an initial decline in the share prices, following Hindenburg’s report which alleged fraud and stock manipulation by Adani. In its contradictory statement, Adani group said Hindenburg is “an unethical short seller” and its report was “nothing but a lie”.
Under Adani Group, ten of its companies which include Adani Ports, Adani Enterprises, Adani Total Gas and Adani Transmission has cancelled $117 billion from their mixed market values in the sell off of securities. In a video speech last week, Adani stated that its group has a healthy balance sheet.
In its fight against Hindenburg’s allegations of corruption, money laundering and taxpayer theft, Gautam Adani led Adani Group has hired activism defense law firm Wachtell, Lipton, Katz and Rosen.
Back in 29th January 2023, the Adani group, in its long 413 page report, alleged that Hindenburg’s report is a calculated attack on India and its growth & ambitions; not just any attack on a particular company. Adani called Hindenburg’s report as “bogus”, threatening legal action.
Hindenburg reacted on the same as it said that it is ready to welcome any legal action by Adani group as it fully stands by its report and a legal action would be meritless.