US authorities are looking into what representations Adani Group made to its American investors following a scathing short seller’s report that accused the company of using offshore companies to secretly manipulate its share prices.
The US Attorney’s Office in Brooklyn, New York, has sent inquiries in recent months to institutional investors with large holdings in the India conglomerate, one person familiar with the inquiries said. The requests for information were focused on what Adani Group told those investors, said the person, who asked not to be identified because the probe isn’t public. The Securities and Exchange Commission also has a similar probe underway, two other people said.
Source: Adani Group Draws Regulatory Scrutiny in the US After Short Seller Report – Bloomberg
