The Bear Cave #297

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

Oct 26, 2025

Welcome to The Bear Cave! Our last premium articles were “More Problems at DraftKings (DKNG)” and “Problems at Better Collective A/S (BETCO)” and our next special investigation comes out Thursday, November 6.

This Tuesday at 1:30pm ET, The Bear Cave is hosting a bull/bear Twitter Spaces debate with Sean Jenkins at Hedgeye on how prediction markets will affect DraftKings (NASDAQ: DKNG — $16.4 billion). Join us here.

New Activist Reports

Wolfpack Research reinitiated its short on Ramaco Resources (NASDAQ: METC — $2.07 billion), a North American metallurgical coal and rare metals company. Wolfpack alleged the company’s new rare earth metals project, the Brook Mine, “is a hoax” and said its weekly drone visits found it “is as quiet as a graveyard.” Wolfpack also spoke to 15 industry experts, all of whom questioned the mine’s economic viability. Wolfpack previously criticized the company in December 2023.

Culper Research published on DoorDash (NASDAQ: DASH — $110 billion), a popular food delivery platform. Culper alleged that DoorDash would onboard dashers with less stringent ID vetting than peers and often without proper background checks. For example, Culper cited litigation in which a Dasher killed a mother while drunk driving, despite four prior DUIs, and a case in which DoorDash onboarded a Dasher who “had an aggravated assault with a deadly weapon charge” and later “attempted to rape an 18-year-old [DoorDash] customer after delivering an order to her home.”

Keith Dalrymple of DF Research published on RXO Inc (NYSE: RXO — $2.87 billion), a freight services company. Mr. Dalrymple alleged the company “has masked the consequences of its demonstrably unsustainable business by misleading shareholders” and specifically alleged the company “allocates some costs of revenues to operating expenses, and shifts some operating expenses off the income statement onto the cash flow statement as investments.” Mr. Dalrymple concluded,

“We believe that absent accounting games, RXO’s weak underlying business merits 60-90% downside compared to better-capitalized and better-run peers in the private and public markets.”

Recent Resignations

Notable executive departures disclosed in the past week include:

CEO of Science Applications International (NASDAQ: SAIC — $4.33 billion) “separated” from the company with immediate effect after a little over two years and also departed the board. The government contractor has had four CEOs and four CFOs over the last ten years and in March 2025 the company was on the B7A FOIA exemption list, indicating a potential undisclosed SEC investigation.
CFO of Rezolve AI (NASDAQ: RZLV — $1.52 billion) transitioned to “Group Finance Director of the company” with immediate effect after a little over four years. Last month, Fuzzy Panda Research called the company “a $2bn market cap SPAC that used to be a mobile phone tech [company] created by a CEO infamous for fake customers & fake partnerships.” The AI-powered e-commerce solutions company has also received several lengthy SEC comment letters, including a January 2024 request to “clarify that Rezolve currently generates the majority of its revenue through the sale of radio advertisements on Radio Group radio stations and that it has not yet generated any revenue from the Rezolve Platform.”
Chief Operating Officer of Gogo (NASDAQ: GOGO — $1.31 billion) departed “effective immediately” after just ten months. In August, The Bear Cave published on Gogo and wrote:
“After analyzing commentary from Starlink customers and industry participants, The Bear Cave concludes [that] Starlink is exceeding expectations in business aviation connectivity and will continue to do so at the expense of Gogo.”
Mr. Jun Ge, an independent director of Helport AI Limited (NASDAQ: HPAI — $115 million), resigned with immediate effect “due to personal reasons” after a little over one year. In addition, the company’s interim CFO and board member, Ms. Amy Hsiao Ming Fong, resigned after six months “due to certain urgent family matters requiring her immediate and sustained attention.” In March 2025, the company’s CFO was “terminated” after a little over one year. The Singapore-based AI customer service company is down ~70% since its August 2024 SPAC merger.
Chief Credit Officer of Eagle Bancorp (NASDAQ: EGBN — $529 million) disclosed “his intent to voluntarily resign from his position, effective December 31, 2025” after a little over a year. In February 2025, the bank was on the B7A FOIA exemption list, indicating a potential undisclosed SEC investigation.

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

News of the Week

Paid Stock Promotions & Manipulated Stocks

Notable paid stock promotion campaigns detected this week by StockPromotionTracker.com include two email campaigns for Kootenay Silver (TSXV: KTN — CAD$119 million), two email campaigns for Mixed Martial Arts Group (NYSE: MMA — $20.2 million), a $17,500 promotional campaign payment disclosure for VisionWave Holdings (NASDAQ: VWAV — $166 million), and Rani Therapeutics (NASDAQ: RANI — $131 million) paying for sponsored research through Zacks.

Companies subject to overseas stock manipulation campaigns this week, according to screenshots shared on StopNasdaqChinaFraud.com, include Happy City Holdings (NASDAQ: HCHL — $74 million), Primech Holdings (NASDAQ: PMEC — $73 million), rYojbaba Co (NASDAQ: RJOY — $60 million), Epsium Enterprise Ltd (NASDAQ: EPSM — $289 million), and Mint Incorporation (NASDAQ: MIMI — $164 million).

“Popular Leveraged Funds Shock Investors With Huge Losses” (WSJ)

“Some funds offering to double single-stock moves have veered sharply off course from the shares they track…‘These products are destined to fail,’ Einhorn wrote. ‘Over time, they are likely to bleed out their capital.’”