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"We have reviewed the full report in the context of our own data and believe it’s designed to deceive and confuse investors.

We are a highly regulated public company with regular disclosures, and are confident in our products, reporting, compliance programs, and controls. We will not be distracted by typical short seller tactics."

Wow... they're not even denying anything. It reads like, "What we did is technically all legal".

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It's hard to strike the right balance here. The points raised by Hindenburgh are many and it will take time to study and respond to them.

Stay quiet for too long and folks will assume the article is right since you haven't responded. Respond too fast and your analysis will likely not stand up to scrutiny because it was set up too soon. It makes sense that they put out a first statement here - it remains to be seen if they will follow it up with a more detailed pushback.

This is also mostly what Adani did. They had put all their third party transactions in “disclosure” filings so nothing was hidden and the Indian market went “it’s Adani, he’s going to multiply our money. No worries” But when he went to global capital markets it brought much greater scrutiny and Hindenburg. Rest is history.

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