Adani Group has recruited Wachtell, a New York-based law firm, to defend the legal battle with short selling company Hindenburg. In addition, the services of prominent attorneys Lipton, Rosen, and Katz have been retained in this dispute.
Adani, Gautam Adani Group has hired Wachtell, a New York-based law firm, to fight its legal battle with short-selling firm Hindenburg. In addition, eminent lawyers Lipton, Rosen, and Katz have been retained in this issue.
Gautam Adani has now decided to go all-in due to the significant loss generated by the American research firm’s study and the harm done to the organisation.
Adani Group has begun a legal battle in preparation for retaliation against the short selling business Hindenburg. The organisation has also recruited a large and costly US legal firm as a crucial move in this approach.
Gautam Adani’s Adani Group has hired the American law firm Wachtell to defend the legal battle with Hindenburg. This business is well-known around the world, and it has received the greatest attention for its legal representation in contentious cases. This is a significant step forward for Adani in re-assuring and influencing investor opinion towards the Adani Group following the Hindenburg report.
Adani Group has previously said that it is prepared for a legal battle with short-seller Hindenburg Research. Rumor has it that the organisation has hired top lawyers from the New York firm Wachtel Lipton, Rosen & Katz to manage the short-selling activity.
It is worth mentioning that in the January 24 study report, several severe doubts were raised about the Adani Group’s loans, including accounting fraud and stock manipulation.
Hindenburg’s raising of 88 questions in his research had such an impact on the Adani Group that there was a tsunami in the equities and the Adani Group’s market value was half within 10 days.
Not only that, but the sharp reduction in share prices hurt Chairman Gautam Adani’s net worth, and he fell out of the top-20 from fourth place on the list of the world’s top billionaires.
Adani’s assets, which had a net worth of more than $ 110 billion, have been reduced to $ 58.7 billion. Tellingly, Adani Group responded to 88 queries in 413 pages following the turmoil caused by the publication of the Hindenburg Report.
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