Adanis hire NY law firm to fight case against Hindenburg report

The Adani Group has engaged New York-based law firm Wachtell, Lipton, Rosen & Katx to take on Hindenburg Research, the financial research firm that accused the Indian conglomerate of stock manipulation and fraudulent accounting in late January that saw the group's stock prices tanking, a media report said.

The US-based short seller Hindenburg Research published its report last month accusing the Indian conglomerate of improper use of offshore tax havens and stock manipulation, in response to which the Adani countered with a 413-page report, dismissing the claims.

The Adani Group hiring one of the most expensive law firms in the US also reflects the tremendous pressure that the group is currently under, a report by Financial Times said.


ET could not independently verify this news, as queries to both the Adani Group and Wachtell, Lipton, Rosen & Katx were unanswered at the time of going to the press.

In the past, Wachtell, Lipton, Rosen & Katz was hired by Twitter against its fight with Elon Musk, after the latter attempted to walk away from a $44 billion deal to purchase the micro-blogging major.