Mon Jan 20 18:10:54 UTC 2025: ## Hindenburg Research Denies SEC Investigation Amidst Allegations of Hedge Fund Collusion
**Toronto/New Delhi, January 20, 2025** – U.S. short-seller Hindenburg Research vehemently denies being under investigation by the U.S. Securities and Exchange Commission (SEC), refuting claims of collusion with the Canadian hedge fund Anson. These allegations surfaced after a Canadian website, Market Frauds, cited court documents from an Ontario defamation lawsuit.
Market Frauds alleges that Hindenburg founder Nate Anderson collaborated with Anson, sharing research and coordinating the release of bearish reports without proper disclosure. The website claims this constitutes securities fraud, citing emails seemingly showing Anderson lacked editorial control over reports, instead following Anson’s directives on content and price targets. Market Frauds states that based on these documents, “it is almost a certainty that…Nate Anderson will be charged with securities fraud in 2025.”
Hindenburg dismissed the report as relying on “an anonymous Tongan blog” filled with inaccuracies and a misunderstanding of U.S. law. The firm maintains Anderson had full editorial control and that Hindenburg “routinely gets leads from all walks of life,” vetting them independently.
The allegations come amidst a separate, ongoing investigation by the U.S. Justice Department and SEC into Anson Funds, which last June paid $2.25 million to settle SEC claims of undisclosed payments to publishers of bearish research. The timing is noteworthy, as Anderson recently announced the closure of Hindenburg Research, following its high-profile reports, including one targeting Gautam Adani’s conglomerate in 2023. While Anderson cited personal reasons for shutting down the firm, the new allegations cast a shadow over his legacy.
First Piper 