The Bear Cave #302

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

Nov 30, 2025

Welcome to The Bear Cave! Our last premium articles were “Betting on Tomorrow: A Primer on Prediction Markets” and “Problems at Sportradar Group (SRAD)” and our next special investigation comes out this Thursday, December 4.

New Activist Reports

Capybara Research published on Nutex Health (NASDAQ: NUTX — $814 million), an emergency healthcare company. Capybara wrote:

“Over a dozen Nutex partners, including physicians, medical directors, and board members, have accused Nutex and its CEO and Chairman, Thomas Vo of wrongdoing including fraud, embezzlement, and self-dealing… The allegations are also consistent over time, showing a pattern of misconduct spanning over 10 years.
The allegations center around three main themes:
Vo used his position to sign unfavorable contracts with companies that he secretly owned and controlled.
Vo used Nutex to steal millions of dollars from physicians and partner ERs.
Vo used the stolen money to fund his personal investments in other medical facilities, which are part of Nutex.”

In July, Blue Orca Capital also published on Nutex and alleged the company benefited from a fraudulent scheme by a third-party vendor, HaloMD, which “illegally gamed the arbitration system by falsely attesting to the eligibility of claims.”

Martin Shkreli, a controversial former biotech executive and hedge fund manager, tweeted critically about Capricor Therapeutics (NASDAQ: CAPR — $245 million), a biotech focused on muscular dystrophy. Mr. Shkreli highlighted a report he co-authored with Mr. Anthony Staj, which presented “an air-tight case challenging the safety and efficacy” of the company’s main drug, Deramiocel. Shares fell ~19% following Mr. Shkreli’s criticism and last traded at $5.35, well above Mr. Shkreli’s $2 per share price target.

Last week, Culper Research published on Praxis Precision Medicines (NASDAQ: PRAX — $4.91 billion), a clinical-stage biopharmaceutical company. Culper Research alleged that the company’s recent positive Phase 3 trial results were based on “make-believe data and half-baked analysis,” including moving the trial endpoint from Day 84 to Day 56.

Recent Resignations

Notable executive departures disclosed in the past week include:

CEO of Alight (NYSE: ALIT — $1.23 billion) “will depart from his role” after one and a half years and will also depart the board. In March, three board members resigned and in January the company’s President departed. The HR-tech company is down ~75% since its July 2021 SPAC merger.
CFO of Keurig Dr Pepper (NASDAQ: KDP — $37.9 billion) is “no longer serving” with immediate effect after three years.
CEO of RCI Hospitality Holdings (NASDAQ: RICK — $212 million), Mr. Eric Langan, stepped down with immediate effect after 28 years of leadership and the company’s CFO, Mr. Bradley Chhay, also stepped down with immediate effect after five years. Both will continue to be employed in advisory roles and “will continue to receive the same compensation under their previous titles and will continue to vest in their previously awarded stock option grants.” In September, the New York Attorney General, Ms. Letitia James, unsealed an indictment against the company and the departing CEO and CFO over allegations around “their roles in a major, multimillion dollar criminal tax fraud and bribery scheme.” Last week, the company disclosed an unusual transaction in which it repurchased stock from ADW Capital at a ~50% premium using cash and an unsecured promissory note. The fund benefiting from that transaction is managed by Adam D. Wyden, the son of Senator Ron Wyden, the Ranking Member of the Senate Finance Committee. Senator Wyden (D-OR) is a vocal supporter of New York Attorney General Letitia James.
The Bear Cave first published “Problems at RCI Hospitality Holdings (RICK)” in June 2022 and was the first publication to report on the police raids in May 2024 in “More Problems at RCI Hospitality Holdings (RICK)” and on Twitter.
Mr. Ben van Beurden, lead independent board member of Barrick Mining Corporation (NYSE: B — $70.6 billion), “stepped down” with immediate effect after just seven months. In September, the company’s CEO also departed with immediate effect after nearly seven years.

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

News of the Week

New Paid Stock Promotions

Notable paid stock promotion campaigns detected this week by StockPromotionTracker.com include:

NDT Pharmaceuticals (OTC: NDTP — $189 million) paid $50,000 for a promotional email campaign.
ZenaTech (NASDAQ: ZENA — $193 million) paid $17,500 to Stock Wire News for a promotional campaign.
Wrap Technologies (NASDAQ: WRAP — $111 million) paid $1,500 to Stock Market Media Group for an awareness campaign.

“Traders Are Flooding Markets With Risky Bets. Robinhood’s CEO Is Their Cult Hero.” (WSJ)

“Neema Farhang, a 37-year-old consultant who switched to Robinhood from another brokerage last year, is now doing four times as many trades. Sitting on the sidelines, he said, isn’t an option. ‘I know I can’t afford to not be in the market,’ he said.”

“The Untold Story of Charlie Munger’s Final Years” (WSJ)

“Late on Thanksgiving evening two years ago, days before his death, Munger was admitted to a hospital near Montecito. He asked family members to leave the room so he could call Buffett one last time. They shared a last farewell.”