Hindenburg's latest target: Kazakh brokerage firm Freedom Holding Corp
Freedom Holding Corp
Hindenburg Research, a notable short seller who has waged war on Jack Dorsey's Block, Carl Icahn, and Nikola, an electric car company, is now taking on a $4.6 billion online brokerage, Freedom Holding Corp., located in Kazakhstan.
In a year-long investigation by Hindenburg, the short-seller found "a laundry list of red flags", including evidence that brokerage firm Freedom Holding "brazenly" skirts sanctions, appears to have "fake" revenue, and uses customer funds to make leveraged and illiquid bets.
Freedom Holding Corp. was created in 2008 in Moscow before relocating to Kazakhstan and listing on the Nasdaq in 2019 through an initial public offering (IPO); moreover, since then, the stock price has increased by more than 422 percent.
Furthermore, Hindenburg's disclosure occurred just a day after Nasdaq notified Freedom that its quarterly earnings report for the period ending June 30 had not been filed. Shares of Freedom Holding declined roughly 3.3 percent on Tuesday.
Hindenburg also said the "review of extensive international corporate and regulatory records, interviews with former employees, and industry analysis" were all part of the research into freedom. However, the Kazakh brokerage firm claims that Deloitte conducted an audit of its annual report and that it fully disclosed all linked-party activities.
In retaliation, a spokesperson for Kazakh brokeragesaid in a statement, called the report "speculation and a set of unsubstantiated facts".
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Hindenburg's reports have wiped out as much as $99 billion in wealth and $173 billion in market value from the publicly held enterprises of those business tycoons in only a few months this year.
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