The Bear Cave #304

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

Dec 14, 2025

Welcome to The Bear Cave! Our last premium articles were “Problems at Sportradar Group (SRAD)” and “Problems at Pattern Group (PTRN)” and our next special investigation comes out this Thursday, December 18.

New Activist Reports

Grizzly Research published on Ceres Power Holdings (London: CWR — GBP 531 million), a British oxide fuel cell company. Grizzly alleged the company has a history of failed partnerships and “unrealistic projections that keep repeating.” Grizzly wrote, in part,

“A core issue in Ceres’ business model is that it shifts all product R&D, industrialization, and capital requirements onto partners, a strategy that has failed for over a decade. This sits alongside other flaws, including the technology’s reliability, maintenance and serviceability challenges, limited market size, and total dependence on licensees. Ceres has never generated material royalty revenue and, in our view, will not do so in the foreseeable future. The business survives on one-off licensing and engineering fees.
In conclusion we believe that Ceres is a flawed business model as a public company. The announcements that catapulted Ceres’ market cap by hundreds of millions GBP will likely turn out to yield only minuscule earnings as the stock fades away into obscurity.”

The company fell ~20% this week following Grizzly’s report.

Fuzzy Panda Research published on New Era Energy & Digital (NASDAQ: NUAI — $179 million), a helium exploration company that pivoted to AI energy infrastructure. Fuzzy Panda called the company “a 2024 Roth SPAC with a CEO that has a long history of penny stock implosions” and highlighted that the company has “spent over a million dollars on paid stock promotion campaigns.” Fuzzy Panda sent an investigator to the company’s data center construction site, who “found only tumbleweeds” and concluded “nothing has been done except for sending out a press release.” Fuzzy Panda also noted the company “gave its former chairman, a $4 million loan (~28% of total cash balance) with no disclosure as to the reason for the loan” and that the company’s CFO and Chairs of Audit & Corp Governance Committees all resigned this year.

Morpheus Research published on Gerresheimer AG (Frankfurt: GXI — EUR 969 million), a German healthcare-focused packaging company. Morpheus alleged that the company’s growth prospects are bleak and that the company “has already pulled nearly every major lever to improve its cash flow profile, including factoring of receivables, financing payables, and taking increasingly sizable, advanced-cash payments from customers.”

Wolfpack Research published on SES AI Corp (NYSE: SES — $930 million), a lithium battery technology company. Wolfpack alleged that the company “announced a series of phantom deals to distract from the loss of their two biggest customers, Honda and Hyundai (who make up ~74% of sales this year), which we believe will happen in a matter of weeks.” Wolfpack specifically highlighted that one new partner operates from a dilapidated office and another has not begun construction on its U.S. facility.

Fugazi Research published on SMX (NASDAQ: SMX — $191 million), a pre-revenue Israeli technology company that has no “near-term transition toward an operating business model” and is instead “a cash-out operation for insiders.”

Recent Resignations

Notable executive departures disclosed in the past week include:

CFO of EVgo Inc (NASDAQ: EVGO — $989 million) resigned after nearly one and a half years. The electric vehicle charging network company has had three CFOs in the last five years. In July 2023, Fuzzy Panda Research published on the company and highlighted low utilization and negative customer reviews.
CEO of Lululemon Athletica (NASDAQ: LULU — $24.3 billion) resigned after seven and a half years and will also depart the board. The stock rose 10% following news of the CEO’s resignation.
CEO, Board Chair, and co-founder of Camping World Holdings (NYSE: CWH — $1.06 billion), 51-year-old Marcus Lemonis, retired after nearly 20 years of leadership and will also leave the board.
CFO of Berkshire Hathaway (NYSE: BRK.B — $1.08 trillion), Mr. Marc D. Hamburg, “will resign as Berkshire’s Chief Financial Officer on June 1, 2026 and work with his replacement from that date until his retirement on June 1, 2027.” During Mr. Hamburg’s 34-year tenure, Berkshire stock rose approximately 8,400%.
President of Semiconductor Technologies at Qnity Electronics (NYSE: Q — $16.5 billion) departed following “a mutual decision” just one month after joining the company. The semiconductor and electronics company is down ~15% since its October 2025 IPO.
Mr. Todd A. Combs, CEO of GEICO at Berkshire Hathaway (NYSE: BRK.B — $1.08 trillion) and board member of JPMorgan Chase (NYSE: JPM — $876 billion), resigned from both roles “to accept an interesting and important job at JPMorgan.” JPMorgan announced Mr. Combs would head its $10 billion Strategic Investment Group. On Reddit, many GEICO employees celebrated the departure of Mr. Combs with one employee calling the departure “a rare moment when a whole company celebrates their CEO leaving.”

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

News of the Week

“Renaissance Explores Tweak to Trading Models After Meme-Stock Volatility” (WSJ)

“Renaissance told clients it is weighing an adjustment in its trading models after the two funds, which together manage nearly $20 billion, suffered their worst months ever in October before surging in November. Renaissance’s investing algorithms weren’t prepared for recent, unusual moves in the shares of some small companies, including so-called meme stocks, people familiar with the matter said.”

“The Highflying Hedge Fund With a Habit of Giving Investors IOUs” (WSJ)

“The firm began this year by forcing clients into a holding pen that prevented them from redeeming any money until 2026 and limiting withdrawals thereafter. Several senior executives departed Armistice with little explanation given to investors, the people said. The firm has disclosed few details about the illiquid assets that appear to be the source of its issues, according to the people and investor documents reviewed by The Wall Street Journal.”