[6] Companies that were the subjects of their reports include Super Micro Computer,[7] Adani Group, Nikola,[8] Clover Health,[9] Block, Inc.,[10] Kandi,[11] and Lordstown Motors.

[18][19] In September 2020, Hindenburg Research published a report on the Nikola Corporation that included allegations of the company being "an intricate fraud built on dozens of lies" and argued that its founder, Trevor Milton, was responsible for much of the fraudulent activities.

[23] Hindenburg released a report about Medicare Advantage plan of Clover Health in February 2021, claiming that the company neglected to inform investors about it being under investigation by the Department of Justice.

Concurrently, Hindenburg released a report claiming that Indian conglomerate Adani Group "has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.

[37] Credit Suisse Group AG stopped accepting bonds of Adani companies as collateral for margin loans to its private banking clients.

Hindenburg accused Block of exaggerating user counts, failing to curb fraud and illegal activity on Cash App, and permitting impersonation of high-profile individuals.

It also wrote in its report that Block "embraced predatory offerings and compliance worst practices in order to fuel growth and profit from facilitation of fraud against consumers and the government.

[45] NBC News reported in May 2024 that prosecutors at the Southern District of New York were examining financial transactions and internal practices at Block, stemming from alleged compliance lapses at its Square and Cash App units.

[46] In November 2024, Block disclosed in its earnings report for July–September 2024 that it was negotiating a potential settlement with several state regulators that had probed the company's anti-money laundering program.

Additionally, Block stated it was negotiating a potential settlement with the Consumer Financial Protection Bureau (CFPB) in matters including those related to Cash App's handling of customer complaints and disputes.

[54] In March 2023, Hindenburg released a report on Jack Dorsey's Block, alleging overstated user counts, accounts being used for illegal activities, a potential investigation from the SEC, and failing to ban fraudsters from its platform.

[56] In June 2023, Hindenburg released a report on Dozy Mmobuosi's Tingo Group, where they accused the company of vast amounts of fraud, including misrepresentation of the founder's educational credentials and the existence of many aspects of the business.