Hindenburg Research, the US-based short seller that had targeted several business entities including Temenos and Block, is going to be disbanded.
"I have made the decision to disband Hindenburg Research. The plan has been to wind up after we finished the pipeline of ideas we were working on," says founder Nate Anderson in a note on the Hindenburg website.
There is speculation Hindenburg is disbanding to avoid a possible India-US joint investigation into a muckraking attack on India's Adani Group.
Hindenberg made waves in the fintech sector after shorting stock in Swiss core banking vendor Temenos last year, insinuating "accounting irregularities, failed products and an illusive turnaround".
The tech company's share price subsequently dropped by 25% on the day of the report's publication, with a knock on effect to sales revenue in its first quarter results in April 2024.
Temenos has since staged a recovery after an an investigation commissioned by the company found that accusations of mismanagement were "inaccurate and misleading".
Hindenberg also caused a 20% drop in Block shares, accusing it of facilitating fraud and "wildly" overstating Cash App users. Block at the time said it was exploring legal action against Hindenburg.