- Hindenburg Research accused India's Adani Group of "brazen stock manipulation" in report published this week.
- Pershing Square CEO Bill Ackman said he found the short-seller's report "highly credible and extremely well researched".
Bill Ackman has voiced his support for Hindenburg Research's report accusing the Indian conglomerate Adani Group of "brazen stock manipulation and accounting fraud".
Short-sellers Hindenburg accused the world's third-richest man Gautam Adani of "$4" in a report published Tuesday, which the research firm said revealed the findings of a two-year investigation. Adani Group had inflated its own valuation by manipulating the stock market and committing accounting fraud, the report had said.
"I found the Hindenburg report highly credible and extremely well researched," Pershing Square Capital Management CEO Ackman aid on Twitter late Thursday.
Adani has said $4 against Hindenburg, with CFO Jugeshinder Singh calling the activist investor's report $4.
It's since issued an $4 where it sought to double down on its fightback against Hindeburg's report.
"Adani Group's response speaks volumes," Ackman said. "Caveat emptor."
Ackman also compared Adani Group to $4 – the multi-level marketing company that $4 in one of the billionaire investor's biggest-ever losses.
"Adani's response to Hindenburg Research is the same as Herbalife's response to our original 350-page presentation," he added. "Herbalife remains a pyramid scheme."
Ackman added that his funds don't have long or short positions in either Adani or Herbalife – and said readers should view the tweets as his judgment on Hindenburg's latest report rather than investment advice.