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Hindenburg Research Profile picture
Hindenburg Research
@HindenburgRes
Popping bubbles as we see them. We express strong opinions. Not investment advice.
21 subscribers
Dec 18 • 20 tweets • 7 min read
NEW FROM US:

Sezzle – A Failing "Buy Now, Pay Later" Platform Playing Short Term Tricks As Insiders Cash Out Via Stock Sales And Margin Loans

$SEZL

(1/x)hindenburgresearch.com/sezzle/ $SEZL is a Minneapolis-based Buy Now, Pay Later (BNPL) company founded in 2016.

(2/x) Image
Nov 4 • 36 tweets • 11 min read
NEW FROM US:

PACS Group — How To Become A Billionaire In The Skilled Nursing Industry By Systematically Scamming Taxpayers

$PACS

(1/x)hindenburgresearch.com/PACS/ PACS Group is a $6.7 billion Utah-based operator of skilled nursing facilities (SNFs) that serves 29,000 patients daily.

Its stock is up 104% since its April IPO, making it among the most successful IPOs of 2024.

(2/x) Image
Nov 1 • 10 tweets • 15 min read
Roblox’s CEO David Baszucki was on CNBC today calling the platform a "a beacon for safety and civility".

We found over 50 Roblox group chat walls that are active right now, with no age restrictions, where users are soliciting child sexual exploitation content or sexual favors with children (many using thinly-coded language).

The list is not exhaustive. It took us only about an hour and a half to find these and there are many more. Roblox was made aware of these issues years ago and has done nothing substantive to address them.

Here are the first 10 (the max allowed by 'X'):

(1/x)

1.roblox.com/groups/3427091…
2.roblox.com/groups/1049975…
3.roblox.com/groups/5717913…
4.roblox.com/groups/1295898…
5.roblox.com/groups/1731081…
6.roblox.com/groups/3784054…
7.roblox.com/groups/4856095…
8.roblox.com/groups/1074759…
9.roblox.com/groups/3462078…
10.roblox.com/groups/1534606…Image
Image
Image Here are several accounts that are active on Roblox right now, through a quick search:

(2/x)

1.roblox.com/users/72315566…
2.roblox.com/users/48802304…
3.roblox.com/users/74353130…
4.roblox.com/users/43377994…
5.roblox.com/users/51645477… Image
Oct 8 • 57 tweets • 22 min read
NEW FROM US:

Roblox—Inflated Key Metrics For Wall Street And A Pedophile Hellscape For Kids

$RBLX

(1/n)hindenburgresearch.com/roblox/ $RBLX is a $27 billion online gaming platform headquartered in San Mateo, CA.

The company was incorporated in 2004 and is led by founder and CEO David Baszucki.

(2/n)
Aug 29 • 14 tweets • 5 min read
NEW FROM US:

iLearningEngines — An Artificial Intelligence SPAC With Artificial Partners And Artificial Revenue

(1/x)

$AILEhindenburgresearch.com/aile/ $AILE is a self-described “AI-powered learning automation” software company based in Bethesda, Maryland that was incorporated in 2010 and went public via a SPAC deal in April 2024.

(2/x)
Aug 27 • 42 tweets • 12 min read
NEW FROM US:

Super Micro—Fresh Evidence Of Accounting Manipulation, Sibling Self-Dealing And Sanctions Evasion At This AI High Flyer

$SMCI

(1/x)hindenburgresearch.com/smci/ Super Micro Computer Inc. is a $35 billion server maker based in Silicon Valley, California that has ridden the wave of AI enthusiasm.

(2/x) Image
Aug 11 • 9 tweets • 5 min read
SEBI Chairperson Madhabi Buch’s response to our report includes several important admissions and raises numerous new critical questions.

(1/x) Buch’s response now publicly confirms her investment in an obscure Bermuda/Mauritius fund structure, alongside money allegedly siphoned by Vinod Adani. She also confirmed the fund was run by a childhood friend of her husband, who at the time was an Adani director.

SEBI was tasked with investigating investment funds relating to the Adani matter, which would include funds Ms. Buch WAS PERSONALLY INVESTED IN and funds by the same sponsor which were specifically highlighted in our original report.
This is obviously a massive conflict of interest.

(2/x)
Jun 4 • 37 tweets • 12 min read
Axos: Glaring Commercial Real Estate Loan Problems and Lax Underwriting Beneath This Priced-For-Perfection Bank

$AX

(1/x)hindenburgresearch.com/axos Axos Financial $AX is a $3.1 billion market cap regional bank headquartered in San Diego, California that was incorporated in 1999 and went public in March 2005.

(2/x)
Mar 20 • 45 tweets • 12 min read
NEW FROM US:

Equinix Exposed: Major Accounting Manipulation, Core Business Decay And Selling An AI Pipe Dream As Insiders Cashed Out Hundreds of Millions



$EQIX

(1/x)hindenburgresearch.com/equinix/ $EQIX is an $80 billion market cap data center REIT with over 260 facilities globally.

It has 10,000+ customers, ranging from small businesses to large cloud “hyperscaler” providers like Amazon, Microsoft and Google.

(2/x)
Mar 15 • 34 tweets • 12 min read
NEW FROM US:

Operating Behind Enemy Lines: How Fashion Powerhouse LPP S.A. Masked A Fake Russia ‘Sell-Off’ Using Front Entities And Encrypted Barcodes



$LPP.WSE

(1/x)hindenburgresearch.com/LPP LPP S.A. is an $8.1 billion fashion retailer based in Poland that lays claim to being the largest fashion company in Central and Eastern Europe.

(2/x) Image
Feb 15 • 57 tweets • 14 min read
NEW FROM US:

Temenos—Major Accounting Irregularities, Failed Products And An Illusive Turnaround



$TEMN.SW $TMSNY

(1/n)hindenburgresearch.com/temenos Our 4-month investigation into Temenos, involving interviews with 25 former employees, including senior leaders at the company, uncovered hallmarks of manipulated earnings and major accounting irregularities.

(2/n)
Feb 13 • 40 tweets • 11 min read
New From Us:

Renovaro BioSciences—A Worthless AI Shell Game With A Murderous Magician Past

$RENB

(1/n)hindenburgresearch.com/renovaro $RENB is a biotech company with several preclinical drug candidates that is “committed to curing people with cancers and infectious diseases”.

Weeks ago, it voted to merge with “AI Health” company GEDi Cube, giving the company a pro-forma diluted market cap of ~$567m.

(2/n)
Feb 1 • 27 tweets • 8 min read
New From Us:

LifeStance—A Private Equity-Backed Mental Health Rollup Headed For A Breakdown

$LFST

(1/n)hindenburgresearch.com/lifestance/ LifeStance is a $2.3 billion market cap mental health provider with 6,400 clinicians located across 33 U.S. states.

The company has grown its clinician base at 18% per year in a behavioral health market forecasted to grow ~5% per year until 2030. (2/n) Image
Dec 18, 2023 • 10 tweets • 4 min read
“The Scope Of The Fraud Is Staggering”

This morning the SEC charged $TIO founder Dozy Mmobuosi and 3 affiliated U.S.-based entities with “massive fraud”.



(1/x) sec.gov/litigation/lit…
In its complaint, the SEC alleges Mmobuosi and other defendants “booked billions of dollars’ worth of fictitious transactions through two Nigerian subsidiary companies Mmobuosi founded and controls”. Image
Dec 15, 2023 • 23 tweets • 10 min read
Maison Solutions is a company that took 6 California Asian-themed grocery stores public on the Nasdaq in October.

The company also owns a 10% equity interest in a Dai Cheong Trading, a distribution company owned by $MSS controlling holder, Chairman and CEO, John Xu.

(1/x) $MSS went public on 10/5/2023 at $4 per share with a valuation of $69M and closed the same day at $8.96, essentially doubling in value within hours of the IPO.

As of yesterday it had a market cap over $265M. Image
Nov 13, 2023 • 29 tweets • 11 min read
NEW FROM US: We Are Short Golden Heaven Group, Another Classic "China Hustle"

$GDHG

(1/n) $GDHG is a NASDAQ-listed company that operates 6 properties in southern China, consisting of amusement parks, water parks and recreational facilities.

(2/n) Image
Nov 7, 2023 • 30 tweets • 10 min read
NEW FROM US:

EHang—Hollow Order Book And Fake Sales Make This China-Based eVTOL Company Last In Line For Takeoff

$EH

(1/n)hindenburgresearch.com/ehang $EH is a $903 million market cap, China-based, Nasdaq-listed electric vertical take-off and landing (“eVTOL”) aircraft company.

(2/n) Image
Oct 18, 2023 • 5 tweets • 2 min read
New From Us:

Nanban Ventures— With “Friends” Like These…



(1/n)hindenburgresearch.com/nanban/ We received a tip in Feb. this year about Nanban - a “too good to be true” investment pitched largely to the Indian-American community.

After several months of research, we concluded that Nanban was likely an investment scheme and shared our findings with the government.

(2/x)
Aug 15, 2023 • 47 tweets • 15 min read
NEW FROM US:

Freedom Holding Corp: Brazen Sanctions Evasion, Hallmarks Of Fabricated Revenue and Risky Bets with Commingled Customer Funds

$FRHC

(1/n)hindenburgresearch.com/freedom/ $FRHC is a $4.6 billion market cap online brokerage business, founded in 2008, formerly based in Moscow and later moved to Kazakhstan.

Its multi-billionaire Chairman & CEO, Timur Turlov, owns over 70% of the company’s shares and has since inception.

(2/n) Image
Jun 6, 2023 • 44 tweets • 16 min read
NEW FROM US:

Tingo Group: Fake Farmers, Phones, and Financials—The Nigerian Empire That Isn’t

hindenburgresearch.com/tingo

(1/n) We are short Tingo Group $TIO because we believe the company is an exceptionally obvious scam with completely fabricated financials.

(2/n)
May 2, 2023 • 31 tweets • 9 min read
NEW FROM US:

Icahn Enterprises—The Corporate Raider Throwing Stones From His Own Glass House

hindenburgresearch.com/icahn $IEP

(1/n) Icahn Enterprises (IEP) is an ~$18 billion market cap holding company run by corporate raider and activist investor Carl Icahn, who, along with his son Brett, own approximately 85% of the company. (2/n)