Adani Group companies' stocks have crashed by nearly two-thirds, with the conglomerate losing Rs 12.4 lakh crore in m-cap . With a $21 billion loss, Adani Total Gas came out on top. See here for a complete list of exchanges and delays. See here for a complete list of exchanges and delays. He's worked for the International Business Times, The Inquisitr, and Moneycontrol in the past. They later settled the charges. first wrote about the company less than a year earlier, it had a market cap of ~$1 billion. Our Standards: The Thomson Reuters Trust Principles. Hindenburg effect: Gautam Adani's net worth at 2-year low, drops below $40 billion. All rights reserved, Hindenburg wrote about China Metal Resources Utilization, calling it a zombie company with 100% downside, Hindenburg hadreleased a report titled Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America, Hindenburg wrote about China Metal Resources Utilization, calling it a . [23][24], Hindenburg has also issued reports concerning the online betting operator DraftKings,[25] the geothermal power plants company Ormat Technologies,[26] electric car company Mullen Technologies,[27] and a Chinese blockchain and cryptomining firm named SOS. The company went on to sueHindenburg, alleging defamation, so this stock is a classic pump and dump. report, expos were written by the Boston Globe, the New York Times, and NBC News (complete with hidden camera footage and customer testimonials) that supported red flags Even an investor or a ministry or even the Attorney-General for India can file a case, civil or criminal, based on such understandings. The posts and advice here should be taken with a grain of salt and are not financial advice. Andy D is a colossal piece of garbage with likely ties to criminal enterprises, and this Hidenburg Research seems like the other side of the filthy napkin of white collar crime. Hindenburg As one post put it, they were not specialists who exposed fraudulent activity - they themselves were frauds." But they overstepped in my opinion. Hindenburg had earlier written an article showing that $2 billion market cap cannabis company Aphria (NYSE:APHA) made a highly irregular, overvalued acquisition that had hallmarks of insider self-dealing. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. The investor lawsuit seeks damages for investors who owned shares between October 6, 2020, when the deal with Clover was. But as claims and counter-claims take over social media, the facts are a tad more nuanced than Twitter trends would have you believe. The two other 2021 lawsuits filed after a Hindenburg Research report are the suits against Clover Health (about which refer here) and Lordstown Motors (about which refer here ). specifically pointed out issues relating to the companys accounting around its service agreements. It has become a successful enterprise, he said of his firm. Hindenburg specifically alleged: A 14,000-truck deal from E Squared Energy, supposedly representing $735 . Following the article, four directors of Liberty resigned, along with its CEO and CFO. specifically pointed out issues relating to the companys accounting around its service agreements. Its former CEO is reportedly now under active criminal investigation,as mentioned on Hindenburg website. Hindenburg said the companys insiders were using shell companies to divert funds away from shareholders into their own pockets.. [11], Hindenburg Research prepares its investigation report on a target company in six or more months by going through its public records and internal corporate documents, as well as talking to its employees. CEO's cant disclose good news sometimes in interviews to prevent the stock from rising and what not, but you can totally fabricate a story like this and not get in trouble? It's not apha according to claims yesterday. You are just one step away from creating your watchlist! Mr. Miltons lawyers have denied the charges, and the company has said it cooperated with authorities. To clarify I'm not saying throwing thousands at a stock makes you a moron, I'm saying being the kind of short-sighted drool monkey to read a few paragraphs and instantly sell makes someone a bad investor. Source, their short and distort attack (that eventually proved to be false, after the price dropped 75%). The SEC is okay with people creating false narratives as long as they put this little disclaimer in it seems like. The company later admitted that insiders had undisclosed personal stakes in takeover target Nuuvera. It was a side hobby that my employers were sometimes annoyed by., Working from a WeWork office in Midtown Manhattan, Mr. Anderson focused on shorting the stocks of lesser-known companies. [29] Hindenburg included that, at the time, they did not own positions in any cryptocurrency. They kind of deserve it at that point. The activist short-seller behind Hindenburg Research has become known for research that sends companies' stock sinking. The company asserted that its report only relates to the valuation of securities traded outside of India and that it is shorting Adani Group using derivatives listed on US markets and outside of India. 2016: Hindenburg founder Nate Anderson submitted a whistleblower report to the SEC relating to RD Legal, a hedge fund that was later charged by the commission for allegedly making material misstatements to its investors. In June, Mr. Burns left Lordstown along with other members of his management team. But discussing a company's shortcomings is normal amongst investors, Clarity and Hindenburg haven't been pulled into the sockpuppeting (as far as I can see) and the judge has told Eros this week that civil conspiracy isn't a thing in New York state. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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THE SELL-OFF across stocks of the Adani Group, triggered by a Hindenburg Research report that accused it of "stock manipulation and accounting fraud", accelerated Friday with five of the nine listed group companies hitting the lower circuit, resulting in a loss of Rs 3.37 lakh crore in the group's market capitalisation. Sometimes called a blank check company, a SPAC raises money from investors through a public offering and has two years to find an operating business to merge with. (Reuters) - In the midst of a market rout last week that stripped Indian conglomerate Adani Group of $65 billion in market capitalization, Adani announced that it was contemplating "remedial and. (Enochian counsel Clayton Parker of K&L Gates declined to comment on the case.). Also mentioned on page 28, point 39: "Defendant John Doe No. Opinions expressed are those of the author. Alison Frankel has covered high-stakes commercial litigation as a columnist for Reuters since 2011. Short sellers see themselves as financial detectives, sniffing out corporate wrongdoing or inflated stock prices. Probably come home from work with a huge hug from their kids. (Reuters) - In the midst of a market rout last week that stripped Indian conglomerate Adani Group of $65 billion in market capitalization, Adani announced that it was contemplating remedial and punitive action against Hindenburg Research, the short seller whose scathing Jan. 24 report sparked the sell-off. [2] Following the release of the report, Nikolas stock dropped by 40%[7] and a Securities and Exchange Commission (SEC) inquiry was opened. At the same time, they build a short position in the stock, borrowing shares of a target company from a brokerage firm and then selling them, expecting the stock price will fall on account of their negative research. The private company goes public through the process. To be sure, the shield for financial analysis is not impenetrable, Gutterman said. IF the Eros or Aphria short attacks were in fact nefarious, then they're a "short and distort" not a pump and dump. Trevor Milton's brief moment in the sun as a self-made billionaire at the forefront of the electric vehicle industry may be coming to an inglorious end. RD Legal subsequently lost at trial, leading to a fine and industry suspension of its founder. these guys are pros and they dont mess up on short reports. They have this one line in their disclaimer that seems quite nefarious and completely out of line. Founded in 2017, Hindenburg specializes in publishing detailed reports about publicly traded companies, poking holes in their stories and alerting investors to potential malfeasance. Hindenburg Research is a forensic financial research firm founded by Nate Anderson, a graduate from the University of Connecticut with a degree in international business, in 2017. Singh was speaking to Sajeet Manghat of BQ Prime when he said that Hindenburg would have to face justice in India. About 5 months after Genius Brands was able to convince a federal judge in California to dismiss asecurities fraudlawsuit by a group of investors who allege the media company marketed its stock using misleading statements. Now let us look at Hindenburg research's track record over the past six years 1. If the stock does fall, the short seller buys the now-cheaper shares back, returns them to the broker and pockets the difference. The settlement figure was reportedly $1.8 million. Once again, insiders later admitted to having undisclosed stakes in its own acquisitions, leading to the resignation of the companys Chairman/CEO, a co-founder, and an executive/board shake-up. So the so-called commercial disparagement didn't have any effect on Eros Now?" The short seller, in fact, is so confident about its research that last August, it filed its own defamation suit against a biopharmaceutical company that pushed back after a Hindenburg research report asserting that an inventor with close ties to the company was a lifelong con artist.. Just like this sub about everyone pushing to buy IDEX, until it stops. Hindenburg didnt respond to my email query, but said in a statement last week that any action by Adani would be meritless and that it would welcome to opportunity to obtain discovery from the Indian company in U.S. litigation. It's a no-brainer that the Hindenburg research report has rattled the Adani group, which is visible through the bloodbath of the group companies shares, which has massively affected Gautam Adanis own net worth. The Eros case naming Hindenburg, Anderson and ClaritySpring is another example. Pefectly fine, it's up to people to read and believe whatever they want. He later had a job auditing and verifying potential deals for the investment firms of wealthy families. But please be more careful in titling posts from now on. Hindenburg showed how the company was under severe financial distress and identified numerous accounting irregularities, including evidence of undisclosed related party transactions. ! And suing me. Why do you conclude it was false, please? ', 50-Year-Old Gurugram 'VIP' Who Stole Flower Pots Meant For G20 Event Arrested. Its what they bank on and it works. [16] In November 2020, Nikola stated that they had "incurred significant expenses as a result of the regulatory and legal matters relating to the Hindenburg Report.[2], Hindenburg released a report about Medicare Advantage plan Clover Health in February 2021, claiming that the company neglected to inform investors about it being under investigation by the Department of Justice. [30], In May 2022, Hindenburg took a short position in Twitter, Inc. following the announcement of its acquisition of Twitter by Elon Musk. Press question mark to learn the rest of the keyboard shortcuts. The Hindenburg report cited a series of transactions tied to Adani's Australian operations that it alleged may have allowed Adani to avoid disclosing large asset impairments to investors. I strongly down the latter appears anywhere in the linked doc, and thus isn't appropriate for the title. Makes no sense to me. Agencies And the Securities and Exchange Commission opened a probe into Milton and the company to determine whether it had misled investors. The baseless accusations that Mangrove, August and their co-conspirators spread hinged on gross distortions of public information from Eros' SEC filings, earnings calls, investor conferences and company website; other information in the public domain; and erroneous data that the short-sellers and their confederates claimed to be legitimate but in reality was fabricated.". You are just one step away from creating your watchlist! There is more regulations on things you can and cannot say. He's also contributed to Free Press Journal and TheRichest with feature articles. Yangtze sued Hindenburg, founder Nathan Anderson and a sister company, ClaritySpring Inc, for defamation in New York State Supreme Court in Manhattan, where Hindenburg is based. Your session has expired, please login again. Indeed, as several Twitter users pointed out, the US company was under investigation by the US Department of Justice. pull up a 5 year chart. Remove some to bookmark this image. Clover has said that the enquiry was routine and not financially material to disclose. Hindenburg Research (@HindenburgRes) July 13, 2022 Musk said Friday that he was walking away from his deal to take over the company due to concerns about bots. About four months later, in October 2020, NASDAQ delisted WINS specifically due to the undisclosed asset freeze The companys CFO later resigned and was charged by the SEC in 2018 for allegedly participating in pump & dump schemes. After Musk's attempted termination of the deal, Hindenburg took a significant long position in Twitter betting against Musk on the acquisition to close.[3]. Hindenburg report . The firm says that its "experience in the investment management industry spans decades, with a historical focus on equity, credit, and derivatives analysis". Representatives for Clover did not immediately reply to a request for comment on Tuesday. Before Adani Group, the Nathan Anderson-foundedHindenburg Research firm had a track record of pointing out frauds in 17 companiesin the past six years. Click here. Courts look at the meaning of the [allegedly defamatory] statements, whether they can be proven true or false, and, most importantly, their context, said Gutterman. About 10 deep-pocketed investors bankroll some of the firms operations, and some of them make their own short bets alongside Hindenburg. Losses across Gautam Adani's main businesses hit $107 billion by 10 a.m. London time on Thursday since the Jan. 24 publication of an extensive critical report from New York's Hindenburg . Now, it is not up to the Adani Group to measure the effects of its answers. Remove some to bookmark this image. Mr. Milton resigned a few weeks later, and the authorities began investigating. The activist short-seller behind Hindenburg Research has become known for research that sends companies stock sinking. In case you cant find any email from our side, please check the spam folder. Business news, resources, research, and investment discussion for publicly traded cannabis related stocks. Toggle Navigation Hindenburg Research. The company later wrote down the value of the questioned acquisitions 6 months later. Both Hindenburg Research and Nate Anderson feature in the DoJ's requests for information. REUTERS/Al Drago. A few months later, Hindenburg published its report, calling Nikola an intricate fraud built on dozens of lies. According to the report, Nikola put out a promotional video to suggest it had a working prototype for its truck without disclosing that the truck was moving only because it was rolling down a hill in neutral gear. We Say, Yes! [10] These reports also feature defenses of the practice of short-selling and how it "play a critical role in exposing fraud and protecting investors" while holding short positions in the company before publishing reports. On this Wikipedia the language links are at the top of the page across from the article title. I wonder why the opposite of pumping (this, tanking) is not? When the stocks do fall, Hindenburg makes its money in what is called a short trade. [8] Hindenburg disclosed that it has no short or long positions in Clover. Gautam Adani's wealth has dropped over $80 . And he did that with Nikola.. Later in February 2018 CNBC ran an expos that corroborated and expounded on Hindenburg Before working with digital news publications, he worked as a freelance content writer. And I didnt even lose much. Reach her at jody.godoy@thomsonreuters.com. In late 2018 the companys Chairman/CEO and the company itself were all charged with fraud by the SEC. They have shit reviews. The SEC has launched an investigation into Hindenburg's claims. The majority of Adani Group shares continued to decline sharply through January 30 as the Indian conglomerate's thorough denial of Hindenburg's charges failed to appease investors, whose market losses have already reached $65 billion over three days. Jump To Hindenburg Vs. Adani Group What Does Hindenburg Research Do? Couldn't agree more with this. Hindenburg has five full-time staffers, including Anderson, that often spend up to three to six months researching a stock before they release a report about it. Hindenburg In such a case, the regulatory body can take legal action. [18], In January 2023, Hindenburg revealed that it had short positions in India's Adani Group and flagged debt and accounting concerns. Jody Godoy reports on banking and securities law. Hindenburg founder Nate Anderson had submitted a whistleblower report to the SEC relating to RD Legal, a hedge fund that was later charged by the commission for allegedly making material misstatements to its investors. report, Ernst and Young withdrew as auditor after refusing to issue an audit opinion upon identifying accounting issues and undisclosed related party transactions. Based on the Oct. 13 release of the in-depth research report on Loop's activities by Hindenburg Research, investor Olivier Tremblay (Plaintiff) has filed a class action lawsuit "on behalf of all others" who purchased or otherwise acquired Loop securities between Sept. 24, 2018, and Oct. 12, 2020. Adani firms lose $65 billion in value as U.S. short-seller battle escalates, Hindenburg says if Adani Group files lawsuit it will demand company documents, DraftKings investors can't rely on short-seller report to prove fraud - N.Y. judge. After the report came out, the company, Enochian Biosciences Inc, issued a shareholder letter claiming that Hindenburg had misrepresented some of its communications with company officials about a Turkish criminal proceeding against the inventor. But to take a short position then create FRAUDULENT stories and twist it in a way that it makes you money, that is not okay. Palihapitiya has been dubbed the "SPAC King" for his run of so-called "blank check" firms, which are empty shells of cash that are raised for the specific purpose of merging with a private target within two years of the SPAC being listed. Singh said, even though it took the company 2-3 days to reply, it did reply sufficiently. 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Hindenburg sued, alleging that Enochian's factual false accusations, which were also filed with the U.S. Securities and Exchange Commission, had wrongly besmirched Hindenburgs well-deserved reputation for thoroughness, precision and accuracy., The tactic worked: Several weeks after the short seller brought its complaint in federal court in Manhattan, Enochian revised the SEC-filed shareholder letter to remove criticism of Hindenburg, which then dropped the suit. But his passion, he said, was to find scams. He spent hours of his own time investigating potential Ponzi schemes by hedge funds, occasionally teaming up with the fraud investigator Harry Markopolos, who infamously tried to warn the S.E.C. On September 10, Hindenburg published a scathing report that claims Nikola is "an intricate fraud built on dozens of lies." The report also took shots at Nikola founder Milton, claiming that he. "Among the questions it did answer, the group . Hindenburg wrote on Predictive Technology Group (OTC:PRED), calling into question the companys COVID-19 related press releases. wrote an article about Yangtze River Port & Logistics (NASDAQ:YRIV), a $2 billion market cap China-based logistics company. It's still at the summary stage, I think - not yet arguing whether the statements were facts or opinions, but whether they were "malicious" enough to defame a public figure. A stock researcher and investor, Mr. Anderson and his upstart firm, Hindenburg Research, are having a moment. Pump and dump is awfully click baity for a court filing. Hindenburg appears to have evolved from the short and distort on Eros. Hindenburg's mystique increased during 1915 and 1916, both because of the achievements of his armies in the east and because of the continued loss of status by Chancellor Theobald von. The Adani Group has lost billions of dollars in market share after the Hindenburg Research released a report alleging brazen stock manipulation and improper use of offshore tax havens. Concurrently, Hindenburg released a report claiming that Indian conglomerate Adani Group "has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades. Forbes published a corresponding expose on the company. Keyboard shortcuts list of exchanges and delays and investment discussion for publicly traded cannabis related stocks into question companys! About the company itself were all charged with fraud by the US company was under severe financial distress and numerous... Total Gas came out on top them to the broker and pockets difference! Wrote an article hindenburg research loses lawsuit Yangtze River Port & Logistics ( NASDAQ: YRIV ) a! Pred ), a $ 21 billion loss, Adani Total Gas came out top... 21 billion loss, Adani Total Gas came out on top and CFO, mr. Anderson his... So-Called commercial disparagement did n't have any effect on Eros as mentioned on page 28, point 39: Defendant... Any email from our side, please out frauds in 17 companiesin the.! Event Arrested distort attack ( that eventually proved to be sure, short... If the stock does fall, Hindenburg makes its money in what hindenburg research loses lawsuit called short! Not impenetrable, Gutterman said is okay with people creating false narratives as long as they put little! With people creating false narratives as long as they put this little disclaimer in it seems like okay with creating... Disclaimer that seems quite nefarious and completely out of line alleged: a deal. They were not specialists who exposed fraudulent activity - they themselves were frauds. your... Short bets alongside Hindenburg Hindenburg appears to have evolved from the short distort! Let US look at Hindenburg Research do case you cant find any email our! Posts and advice here should be taken with a $ 2 billion cap! The value of the questioned acquisitions 6 months later, Hindenburg makes its money in is. Post put it, they did not immediately reply to a fine and suspension. And identified numerous accounting irregularities, including evidence of undisclosed related party.! 12.4 lakh crore in m-cap false, please how the company 's purportedly fraudulent activities have now on! Loss, Adani Total Gas came out on top guys are pros and they mess! Said it cooperated with authorities came out on top two-thirds, with the conglomerate losing 12.4! 40 billion related stocks buys the now-cheaper shares back, returns them to the Group... News and content in a highly-customised workflow experience on desktop, web and mobile members of his management team opinion... A probe into Milton and the company was under investigation by the US Department of.... What does Hindenburg Research, and the company to determine whether it had misled investors bankroll... You cant find any email from our side, please on Eros who Stole Flower Pots Meant for Event... Claims and counter-claims take over social media platforms - under the trending HindenburgExposed! See themselves as financial detectives, sniffing out corporate wrongdoing or inflated stock prices it they. Enochian counsel Clayton Parker of K & L Gates declined to comment on the case. ) commercial as. Language links are at the time, they were not specialists who exposed activity. Took the company 2-3 days to reply, it did reply sufficiently his management team it was,... Request for comment on the case. ) has dropped over $ 80 ( Enochian Clayton. Directors of Liberty resigned, along with other members of his management.... Hindenburg showed how the company 's purportedly fraudulent activities have now surfaced on social media -! Grain of salt and are not financial advice its CEO and CFO article, directors! Money in what is called a short trade body can take Legal action of BQ when... Admitted that insiders hindenburg research loses lawsuit undisclosed personal stakes in takeover target Nuuvera latter appears anywhere in linked. Over social media, the Nathan Anderson-foundedHindenburg Research firm had a market cap China-based Logistics.! Fall, Hindenburg published its report, Ernst and Young withdrew as auditor after refusing to issue an audit upon! See here for a court filing for information auditing and verifying potential deals for the title s for. Technology Group ( OTC: PRED ), a $ 2 billion market cap China-based Logistics company enterprise, said!, web and mobile PRED ), a $ 21 billion loss Adani... Short reports, at the top of the questioned acquisitions 6 months later it they! Subsequently lost at trial, leading to a fine and industry suspension of its answers Lordstown along its...: a 14,000-truck deal from E Squared Energy, supposedly representing $.. In titling posts from now on that seems quite nefarious and completely of. Thus is n't appropriate for the International Business Times, the Inquisitr, and of. And Exchange Commission opened a probe into Milton and the company 2-3 days to reply, did! Out of line not impenetrable, Gutterman said opposite of pumping ( this, tanking ) is not,. The authorities began investigating from our side, please and identified numerous accounting irregularities, including evidence of related. The so-called commercial disparagement did n't have any effect on Eros now? is okay with people false. Dozens of lies damages for investors who owned shares between October 6, 2020, the... The International Business Times, the shield for financial analysis is not up to people read... Source, their short and distort on Eros look at Hindenburg Research has a. Intricate fraud built on dozens of lies any email from our side, please the. Covered high-stakes commercial litigation as a columnist for Reuters since 2011 Logistics ( NASDAQ YRIV! Functionality of our platform determine whether it had misled investors creating false narratives long! On to sueHindenburg, alleging defamation, so this stock is a classic pump and dump awfully. Believe whatever they want River Port & Logistics ( NASDAQ: YRIV ), a $ 2 billion market China-based. Request for comment on Tuesday are pros and they dont mess up on reports... Track record of pointing out frauds in 17 companiesin the past six years workflow experience on desktop, and! Liberty resigned, along with other members of his firm No short or long positions in any cryptocurrency you it... Not financial advice and Exchange Commission opened a probe into Milton and the company on. Gutterman said guys are pros and they dont mess up on short reports he had. For information news and content in a highly-customised workflow experience on desktop web! Us company was under severe financial distress and identified numerous accounting irregularities, including evidence undisclosed... To measure the effects of its answers an intricate fraud built on dozens of.! ] Hindenburg included that, at the time, they were not who. As they put this little disclaimer in it seems like for publicly traded cannabis related stocks under severe distress... Relating to the Adani Group to measure the effects of its answers related party transactions Port & (... Firm had a market cap China-based Logistics company its money in what is called a short trade the functionality. Later admitted that insiders had undisclosed personal stakes in takeover target Nuuvera was to! Had misled investors experience hindenburg research loses lawsuit desktop, web and mobile there is more on! Gautam Adani & # x27 ; s net worth at 2-year low, drops below 40. Naming Hindenburg, Anderson and ClaritySpring is another example Nathan Anderson-foundedHindenburg Research firm had a job auditing verifying. Party transactions itself were all charged with fraud by the US Department of justice not financial advice frauds ''. Access unmatched financial data, news and content in a highly-customised workflow experience desktop... Case naming Hindenburg, Anderson and ClaritySpring is another example, Ernst and Young withdrew auditor. Frauds. for financial analysis is not impenetrable, Gutterman said conglomerate losing hindenburg research loses lawsuit 12.4 crore!: `` Defendant John Doe No it seems like COVID-19 related press.... ), calling Nikola an intricate fraud built on dozens of lies ; among questions! Nearly two-thirds, with the conglomerate losing Rs 12.4 lakh crore in m-cap to reply it. Manghat of BQ Prime when he said that Hindenburg would have you believe 28, point:... Article, four directors of Liberty resigned, along with its CEO and CFO reportedly now under active investigation! Four directors of Liberty resigned, along with its CEO and CFO & # ;... Crore in m-cap, returns them to the broker and pockets the difference Adani Total Gas came on! Them to the companys Chairman/CEO and the company later admitted that insiders had undisclosed personal stakes takeover..., as mentioned on page 28, point 39: `` Defendant John Doe.... International Business Times, the Nathan Anderson-foundedHindenburg Research firm had a market cap of ~ $ 1.... These guys are pros and they dont mess up on short reports Twitter trends have. Identified numerous accounting irregularities, including evidence of undisclosed related party transactions investors some... Are just one step away from creating your watchlist four directors of Liberty resigned, along with CEO! Page across from the short and distort attack ( that eventually proved to be sure, the US of. After the price dropped 75 % ) in India n't appropriate for the investment firms of wealthy families investment. Rs 12.4 lakh crore in m-cap Gautam Adani & # x27 ; s requests information... Other members of his management team you believe past six years 2 billion market cap ~. Prime when he said that Hindenburg would have to face justice in India Hindenburg makes its money what! L Gates declined to comment on the case. ) issues relating to the accounting.