The Bear Cave #287

New Activist Reports, Recent Resignations, and Tweets of the Week

Aug 17, 2025

Welcome to The Bear Cave! Our last premium articles were “Problems at Pheton Holdings (PTHL)” and “Problems in Chinatown (Part 2)” and our next special investigation comes out Thursday, August 21.

In addition, on Wednesday, The Bear Cave published “Problems at Fly-E Group (FLYE)” and warned the stock “is in the end stages of a pump-and-dump scheme and is at risk of a near-term, severe stock collapse.” On Friday, the company fell ~87%. The Bear Cave will continue to send out timely alerts about other U.S.-listed Chinese stock promotions we believe are near collapse.

Learn more about these stock manipulation schemes on StopNasdaqChinaFraud.com, our crowdsourced database with 330+ screenshots exposing rampant stock promotion of U.S.-listed Chinese companies.

New Activist Reports

Fuzzy Panda Research published on Red Cat Holdings (NASDAQ: RCAT — $828 million), a drone technology company. Fuzzy Panda alleged that the company’s senior engineers “have been quitting for months” and said that its drone technology is premature. Fuzzy Panda highlighted that Red Cat’s CEO “previously ran Towerstream, a reverse merger that allegedly paid stock promoters and crashed -100%” and noted Red Cat has had three CFOs in the last two years. Fuzzy Panda also showed that the company paid $48,000 to ZipTrader and $45,000 to RedChip for paid stock promotion services.

Scorpion Capital published a 415-slide presentation on Soleno Therapeutics (NASDAQ: SLNO — $3.81 billion), a biopharmaceutical company focused on treating the rare genetic disorder Prader-Willi syndrome. Scorpion Capital called the company a “rare-disease price-gouging scheme” built on “suspect data and sham clinical trials.” Scorpion alleged its flagship drug, VYKAT XR, “may be at risk of being withdrawn from market” due to reports of causing heart failure in children. Scorpion said it “conducted >30 research interviews” and found many of the initial doctors to prescribe the drug “did so because of pressure from desperate families; and that they expect little interest beyond an initial bolus of families willing to try anything new.”

NINGI Research published an update on Marex Group (NASDAQ: MRX — $2.55 billion), a London-based financial services company with a specialty in commodities markets, and encouraged investors to watch “the magnitude and nature of non-cash profits” in its Q2 earnings.

Morpheus Research published an update on Collective Mining (NYSE: CNL — $859 million), a Canadian mining company drilling for gold in Colombia, and reaffirmed the company’s drilling activities are illegal, citing interviews with executives from other Colombian mining companies and a top mining law firm in Colombia.

Recent Resignations

Notable executive departures disclosed in the past week include:

CFO of AleAnna (NASDAQ: ANNA — $293 million) resigned after a little over one year. The company’s Chief Accounting Officer also resigned this week. The natural gas exploration company is down ~55% since its December 2024 SPAC merger and received several lengthy comment letters from the SEC and a request to “clarify how the pre-money valuation of $665,000,000 was determined and how the transaction structure and consideration evolved during the [SPAC] negotiations.”
CEO of Bakkt Holdings (NYSE: BKKT — $215 million) departed after a little over one and a half years and also resigned from the board. In June 2024, the company switched auditors from Ernst & Young to KPMG and in June 2025 the company switched auditors again from KPMG to Grant Thornton.
CEO of Opendoor Technologies (NASDAQ: OPEN — $2.33 billion) stepped down with immediate effect after nearly three years and also departed the board. Opendoor has risen roughly 450% in recent months as part of a recent “meme stock” craze.
Chief Marketplace Officer of Shutterstock (NYSE: SSTK — $761 million) resigned just eight months after being hired “to accept a role outside the company.” The stock photo platform also had its Chief Technology Officer and Chief Product Officer depart last year and has had five CFOs in the last ten years. The business is under increasing pressure from low-cost AI-generated image production. (Read more here.)
Chief Accounting Officer of Sprinklr (NYSE: CXM — $2.14 billion) stepped down after a little over one year. In July, the company’s Chief Customer Officer departed after nearly one and a half years and in January its Chief Culture & Talent Officer “transitioned to an advisory role.” Last year, the company’s CEO and Chief Revenue Officer both departed as well.

Data for this section is provided by VerityData from VerityPlatform.com

News of the Week

Roblox’s Safety Crisis

On Saturday, August 9, popular 22-year-old Roblox YouTuber “Schlep” revealed that Roblox (NYSE: RBLX — $81.4 billion) sent him a cease and desist notice and banned his accounts, largely due to his advocacy exposing predators on the platform. Roblox justified removing Schlep, whose work resulted in at least six arrests of Roblox predators, as part of its policy to “remove vigilantes from the Roblox platform.”

The decision sparked widespread backlash with #FreeSchlep trending on Twitter. Following the decision, Representative Ro Khanna launched a public petition for transparency around Roblox’s safety practices and Louisiana Attorney General Liz Murrill sued the company because “it endangers the safety of the children of Louisiana.” In addition, a Change.org petition calling for the removal of Roblox’s CEO reached 100,000+ signatures, Chris Hansen announced a planned documentary investigating Roblox’s child-safety issues, and Qatar joined Turkey, China, and Oman in banning access to the platform.

The Bear Cave has written extensively about safety issues on Roblox in five past investigations:

“Problems at Roblox (RBLX)” (February 3, 2022)
“More Problems at Roblox (RBLX)” (February 17, 2022)
“Even More Problems at Roblox (RBLX)” (August 17, 2023)
“Problems at Roblox (RBLX) #4” (October 3, 2024)
“Problems at Roblox (RBLX) #5” (October 17, 2024)

Ibotta and KinderCare miss earnings

Ibotta (NYSE: IBTA — $685 million), a digital couponing company, fell 27% this week following disappointing earnings and low guidance. Likewise, KinderCare (NYSE: KLC — $886 million), the largest U.S. daycare company, fell 24% this week following its earnings results disclosing disappointing enrollment trends. The Bear Cave previously published on both companies in “Problems at Ibotta (IBTA)” and “Problems at KinderCare Learning Companies (KLC)” and believes their problems will continue.