The following is a comprehensive compilation of Nate Anderson's research reports as well as articles and commentaries. Nate ran Hindenburg Research fo 7 years. His reports can be found on the firm's website here. The purpose of this page is to have a public repository of his work should it ever be taken down.
Carvana: A Father-Son Accounting Grift For the Ages - January 2, 2025
Sezzle: A Failing "Buy Now Pay Later" Platform - December 18, 2024
Yangtze River Port & Logistics: Total Zero. On-the-Ground Research Shows Assets Appear to be Largely Fabricated - December 6, 2018
Whistleblower Documents Reveal SEBI’s Chairperson Had Stake In Obscure Offshore Entities Used In Adani Money Siphoning Scandal - August 10, 2024
Welltower: Exposing The Shell Game - December 7, 2022
We View Nikola’s Response As a Tacit Admission of Securities Fraud - September 15, 2020
We Believe Genprex Is A Disaster In The Making - May 9, 2018
Update: After 96 Hours, Predictive’s ‘Response’ Fails to Address a Single Point from Our Detailed Report - July 15, 2019
Tingo Group: Fake Farmers, Phones, and Financials—The Nigerian Empire That Isn’t - June 6, 2023
Tingo Forges Ahead With Its Brazen Scam As $725 Million In Claimed Cash Disappears From Its Balance Sheet In One Quarter - August 31, 2023
The Lordstown Motors Mirage: Fake Orders, Undisclosed Production Hurdles, And A Prototype Inferno - March 12, 2021
The Latest Act in The Aphria Circus: A Very Obviously Related-Party ‘Hostile’ Takeover Offer - December 28, 2018
Temenos’ “Independent Examination” Strikes Us As A Tacit Confirmation Of Accounting Manipulation And Disclosure Violations, Spun With Lawyer-Speak And Gaslighting - April 18, 2024
Temenos: Major Accounting Irregularities, Failed Products And An Illusive Turnaround - February 15, 2024
Tecnoglass Cocaine Cartel Connections, Undisclosed Family Deals, And Accounting Irregularities All In One Nasdaq SPAC - December 9, 2021
Super Micro: Fresh Evidence Of Accounting Manipulation, Sibling Self-Dealing And Sanctions Evasion At This AI High Flyer - August 27, 2024
Standard Lithium: All The Hallmarks of A Made-In-Vancouver Stock Promotion Scheme Fueled By EV Lithium Hype - February 3, 2022
Sorrento’s Pandemic Profiteering: Experts and Former Employees Speak Out on Sensational Claims of Covid-19 Cure - May 20, 2020
SmileDirectClub: Moving Fast and Breaking Things in People’s Mouths – 85% Downside - October 4, 2019
Sky Solar: Court Records Show That Lender Already Withdrew Buyout Proposal But Retail Investors Don’t Seem To Realize It Yet - February 25, 2019
Singularity Future Technology: This Nasdaq-Listed Company’s CEO Is A Fugitive, On The Run For Allegedly Operating A Massive Ponzi Scheme - May 5, 2022
Sezzle: A Failing “Buy Now, Pay Later” Platform Playing Short Term Tricks As Insiders Cash Out Via Stock Sales And Margin Loans - December 18, 2024
SCWorx: Evidence Points to its Massive COVID-19 Test Deal Being Completely Bogus, Price Target Back to $2.25 Or Lower - April 17, 2020
Riot Blockchain’s Brazen Disclosure Issues Continue - February 21, 2018
Riot Blockchain: Yet Another Suspicious, Cash-Depleting Transaction - February 26, 2018
Riot Blockchain: Sudden Business Pivot, Suspicious Acquisitions, Questionable Special Dividend - December 11, 2017
Riot Blockchain Riot Blockchain: This Crypto Clown Car Continues Hurtling Toward The Abyss - January 9, 2018This Crypto Clown Car Continues Hurtling Toward The Abyss
Renovaro BioSciences: A Worthless AI Shell Game With A Murderous Magician Past - February 13, 2024
PureCycle: The Latest Zero-Revenue ESG SPAC Charade, Sponsored By The Worst Of Wall Street - May 6, 2021
Pulse Biosciences: Failed FDA Clearance, New SEC Investigation, And An Uncertain Path Forward - April 24, 2018
Predictive’s COVID-19 Test Announcement Looks Like A Last-Ditch Sham To Salvage A Company On The Brink Of Insolvency - March 27, 2020
Predictive Technology: 95%+ Downside on CEO and Former Chairman’s Past Securities Fraud Allegations, Acquisitions That Reek of Insider Self-Dealing and Dubious “Miracle Cure” Sales Tactics - July 11, 2019
PolarityTE: Investors Beware - October 7, 2017
PharmaCielo: 100% Downside on Co-Founder’s History of Securities Fraud Allegations, Numerous Undisclosed Related Party Transactions and Operational Failures - March 2, 2020
Pershing Gold: We Believe Shares Are Virtually Worthless - November 9, 2017
PharmaCielo: 100% Downside on Co-Founder’s History of Securities Fraud Allegations, Numerous Undisclosed Related Party Transactions and Operational Failures - March 2, 2020
Pershing Gold: We Believe Shares Are Virtually Worthless - November 9, 2017
PACS Group: How To Become A Billionaire In The Skilled Nursing Industry By Systematically Scamming Taxpayers - November 4, 2024
Our Response to Clover: Regular Investors And Senior Citizens Shouldn’t Be the Last to Know - February 5, 2021
Our Reply to China Metal Resources Utilization’s Inadequate Response - May 21, 2020
Our Reply to Bloom’s Woefully Inadequate Response - September 18, 2019
Our Reply To Adani: Fraud Cannot Be Obfuscated By Nationalism Or A Bloated Response That Ignores Every Key Allegation We Raised - January 29, 2023
Ormat: Dirty Dealings in ‘Clean’ Energy - March 1, 2021
OPKO Health: New Signs Of Chaos In Key Diagnostics Division - February 27, 2018
Opko Health: If These SEC Charges Were Surprising Then You Haven’t Been Paying Attention - September 11, 2018
OPKO Health: A House Of Cards Tumbling In The Dark - November 17, 2017
Operating Behind Enemy Lines: How Fashion Powerhouse LPP S.A. Masked A Fake Russia ‘Sell-Off’ Using Front Entities And Encrypted Barcodes - March 15, 2024
Opera: Phantom of the Turnaround – 70% Downside - January 16, 2020
Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America
NexTech AR: Relentless Stock Promotion, Sketchy Related Party Transactions and a Vaporware Product—Price Target: $0 - February 10, 2020
New Pacific Metals: Bolivia Looks Friendly Until A Coup Forces Your Friends to Flee to Mexico– 90%+ Downside - April 20, 2020
Natera: Pioneers In Deceptive Medical Billing - March 9, 2022
Nanban Ventures: With “Friends” Like These - October 17, 2023
Musk Holds All The Cards: We See a Significant Risk That The Twitter Deal Gets Repriced Lower - May 9, 2022
Mullen Automotive: Yet Another Fast Talking EV Hustle - April 6, 2022
Miracle Cures and Murder For Hire: How A Spoon-Bending Turkish Magician Built A $600 Million Nasdaq-Listed Scam Based On A Lifetime Of Lies - June 1, 2022
Marathon Patent Group: Bright Red Flags With This Newfangled ‘Blockchain’ Play - December 13, 2017
Losing With WINS: NASDAQ’s Latest Disgrace Has No Financials, An Insolvent Parent Entity and Is Embroiled in What Appears to Be an Obvious Pump and Dump - June 17, 2020
Loop’s “Independent Review” Of Its Technology Falls Flat - December 15, 2020
Loop Industries: Former Employees and Plastics Experts Blow The Whistle On This “Recycled” Smoke And Mirrors Show - October 13, 2020
LifeStance: A Private Equity-Backed Mental Health Rollup Headed For A Breakdown - February 1, 2024
Ladenburg: Near-Term Headwinds And Unsustainable Balance Sheet Engineering - September 18, 2018
Kandi: How This China-Based NASDAQ-Listed Company Used Fake Sales, EV Hype to Nab $160 Million From U.S. Investors - November 30, 2020
J2 Global: Troubling Related Party Transactions, Looming Impairments And A Suspicious History Of Insider Enrichment Spanning Decades - June 30, 2020
J&J Purchasing: When It Sounds Too Good To Be True - March 24, 2022
Inpixon: If This Sketchy Deal Is Legal The Public Markets May Be In Deep Trouble - April 30, 2018
iLearningEngines: An Artificial Intelligence SPAC With Artificial Partners And Artificial Revenue - August 29, 2024
Ideanomics Walks Back 1m Sq Ft Claims Today; Our Visit To IDEX’s “MEG” Facility Shows Zero Company Presence - June 26, 2020
Icahn’s Latest Disclosures Raise Critical New Questions About Margin Loans, Continued Portfolio Losses - May 11, 2023
Icahn Enterprises: The Corporate Raider Throwing Stones From His Own Glass House - May 2, 2023
HUMBL: Illusions of Grandeur, Collapsing International Deals, And Lurking Dilution - May 20, 2021
Hindenburg Research Announces $1,000,000 Bounty For Details On Tether’s Backing - October 19, 2021
HF Foods: 90%+ Downside on Massive Undisclosed Related-Party Transactions, Shareholder Cash Spent on Exotic Supercars & Outrageous Fundamental Valuation - March 23, 2020
GrowGeneration: This Latest Euphoric Retail Stock Has The Brightest Management Red Flags We’ve Ever Seen—70%+ Downside - August 21, 2020
Genworth’s Acquirer (China Oceanwide) Looks to Be Drowning in an Ocean of Debt - November 9, 2018
Genworth: We See Almost No Chance Of Regulatory Approval. This Deal Would Be A Disaster For Policyholders - November 1, 2018
Freedom Holding Corp: Brazen Sanctions Evasion, Hallmarks Of Fabricated Revenue and Risky Bets with Commingled Customer Funds - August 15, 2023
Facedrive: A $1.4b ESG Stock Promotion with a Hollow Core Business, Flailing Business Pivots and Multi-Million Dollar Payments to an Opaque BVI Entity; 95% Downside - July 23, 2020
Establishment Labs: A Financially Stretched Silicone Safety Charade - October 19, 2022
Eros International: On-The-Ground Research, Employee Interviews, and Private Company Documents Expose Egregious Accounting Irregularities - June 7, 2019
Eros International: New Receivables Accounting Red Flags - August 24, 2017
Eros Earnings Review: An Abundance Of Red Flags - August 2, 2017
Equinix Exposed: Major Accounting Manipulation, Core Business Decay And Selling An AI Pipe Dream As Insiders Cashed Out Hundreds of Millions - March 20, 2024
EHang: Hollow Order Book And Fake Sales Make This China-Based eVTOL Company Last In Line For Takeoff - November 7, 2023
Ebix: This House of “Cards” Seems To Have a Glaring Fake Revenue Problem - June 16, 2022
Ebang: Yet Another Crypto “China Hustle” Absconding With U.S. Investor Cash - April 6, 2021
DraftKings: A $21 Billion SPAC Betting It Can Hide Its Black Market Operations - June 15, 2021
DaVita is Secretly Trying to Defend its Charity Scheme with a Lobbying Scheme - August 13, 2019
Crius Energy Trust: An Unsustainable Collision Course - February 28, 2018
Could Rampant Red Flags Drown Aphria’s Proposed Nuuvera Acquisition? - March 21, 2018
Clover Health: How the “King of SPACs” Lured Retail Investors Into a Broken Business Facing an Active, Undisclosed DOJ Investigation - February 4, 2021
China Metal Resources Utilization: 100% Downside to This Zombie Company - May 17, 2020
Chicken Soup For the Soul Entertainment Is A Toxic Mess - February 14, 2018
Carvana: A Father-Son Accounting Grift For The Ages - January 2, 2025
Bloom Energy: A “Clean” Energy Darling Wilting to its Demise
Block’s Response Confirmed Inflated User Counts While Ignoring Other Key Issues - March 31, 2023
Block: How Inflated User Metrics and “Frictionless” Fraud Facilitation Enabled Insiders To Cash Out Over $1 Billion - March 23, 2023
Axos: Glaring Commercial Real Estate Loan Problems and Lax Underwriting Beneath This Priced-For-Perfection Bank - June 4, 2024
Apollo Medical: Look Out Below – Russell’s Latest Float Calculation Screw-Up - September 4, 2018
Aphria: A Shell Game with a Cannabis Business on the Side - December 3, 2018
Aphria Part 2: We Believe This Rot Runs Deep - December 6, 2018
Aphria Our Response - December 4, 2018
Aphria Insiders Disclose Stake In Nuuvera’s Initial Financing Round Just 1 Day Before Expected Deal Closing - March 22, 2018
Adani Update – Our Response To India’s Securities Regulator SEBI - July 1, 2024
Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History - January 24, 2023
Aaron Wagner And Wags Capital: From Pro Football To Utah’s Latest Disgraced Financial Influencer - October 28, 2024
A Bagholder’s Guide to Why We Think Genius Brands Will Be a $1.50 Stock Within a Month - June 5, 2020