The Bear Cave #310

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

Jan 25, 2026

Welcome to The Bear Cave! Our last premium articles were “The Best Stock Research Tools for 2026” and “Problems at Aduro Clean Technologies (ADUR)” and our next special investigation for paid readers comes out Thursday, February 5.

New Activist Reports

Culper Research published on T1 Energy (NYSE: TE — $2.30 billion), a clean battery solutions company formerly known as FREYR Battery. Culper highlighted recent litigation from the company’s largest independent offtake customer, RWE Clean Energy, which claimed T1 “failed to provide audit reports of module raw material and conversion costs” and “failed to deliver modules meeting the agreed-upon specifications,” among other issues. Culper also alleged that T1 relies on a Chinese company that violates Foreign Entity of Concern (FEOC) compliance, which could jeopardize the company’s ability to get clean energy tax credits.

Kerrisdale Capital published on Affirm Holdings (NASDAQ: AFRM — $23.6 billion), a Buy Now Pay Later company. Kerrisdale called Affirm “a highly levered subprime lender masquerading as ‘FinTech’” and argued the company could face significant credit losses with a weakening economy and face an additional headwind if the Trump Administration caps loan rates at 10%.

Wolfpack Research published on FFRI Security (Tokyo: 3692 — 71.1 billion yen), a Japanese cybersecurity company. Wolfpack alleged the company “is using misleading accounting to give the appearance that it has made a turnaround in revenues and profits” and was aided by an accounting firm that was previously banned for six months for “grossly improper” operations. Wolfpack wrote that “the real key to FFRI’s apparent success is the use of a private consortium led by FFRI’s President as a conduit for its government subsidies that obscures real expenses associated with these funds.”

Hunterbrook Media published an update on Sable Offshore (NYSE: SOC — $1.51 million) an oil and gas company development company. Hunterbrook highlighted several legal and regulatory headwinds the company faces to restart its oil pipeline amid liquidity issues.

Recent Resignations

Notable executive departures disclosed in the past week include:

CEO of Simply Good Foods (NASDAQ: SMPL — $1.88 billion) “entered into a separation agreement” and stepped down from the board with immediate effect after two and a half years. The separation agreement included “cash severance of $3,519,454, a prorated bonus for fiscal year 2026 of $350,568,” and the vesting of unvested stock options. In addition, the company’s Chief Accounting Officer also resigned “to pursue an external chief financial officer opportunity” after nine years.
CEO of AMC Networks (NASDAQ: AMCX — $346 million) resigned after three and a half years “to pursue an opportunity outside of the media industry.” The Bear Cave previously included the company in “Problems at 100 Long-Term Underperformers” and wrote:
“AMC Networks, $3.8 million ADV, entertainment distribution company, long-term headwind from cable cord-cutting, controlled by the Dolan family, four CEOs in the last five years, most recently James Dolan’s wife, see ‘AMC Networks Owner James Dolan Finds a New CEO: His Spouse’, declining revenues, poorly timed stock buybacks, significant debt burden. Total return of -82% since June 2011 vs +462% for S&P 500.”
CEO of Acadia Healthcare (NASDAQ: ACHC — $1.41 billion) departed after nearly four years with immediate effect and also resigned from the board. Last year, the company’s CFO and Chief Operating Officer departed as well, and The Capitol Forum has raised allegations of improper patient care at Acadia facilities.
CFO of iQIYI (NASDAQ: IQ — $1.96 billion) resigned with immediate effect “due to personal reasons” after four years. In December, an audit committee member resigned with immediate effect after three years and in August 2025 two additional board members resigned. In April 2020, Wolfpack Research accused the Chinese online entertainment company of widespread fraud.
Investor Bill H. Miller IV, board member of ProCap Financial (NASDAQ: BRR — $271 million), resigned from the board with immediate effect after just seven weeks. The bitcoin-focused financial services firm is led by Mr. Anthony Pompliano and has fallen ~70% since its December 2025 SPAC merger.

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

News of the Week

“How independent content entrepreneurs create value for investors” (Undervalued Shares)

“If you are running an investment-related Substack, blog or channel, then do not miss out on this interview with Edwin Dorsey of The Bear Cave fame. Speaking with Undervalued Shares, Edwin generously shares extremely valuable advice for building a business…”

“Idea Brunch #2 with Ian Bezek (Venezuela Edition)” (Sunday’s Idea Brunch)

“An estimated 20-25% of Venezuela’s population are currently living as refugees in foreign countries; Colombia has absorbed the greatest quantity of these economic refugees, but there are considerable numbers in many places across the region. This has led to rising unemployment for working-class laborers, along with a flood of folks engaged in begging, doing things such as cleaning windshields at traffic lights to earn a meager living, or turning to illicit activities to survive. In theory, as Venezuela’s economy recovers, these refugees can return home and establish normal lives again, rather than living in tent camps or shanties in Colombia and other LatAm nations. This, in turn, will relieve strain on social safety nets in countries like Colombia while reestablishing Venezuela, traditionally a meaningful trade partner for various Latam countries, as a significant contributor to our regional economy.”

“SEC Charges Public Company, its Former CEO, and Two Former Executives Along with CEO of SPAC in Alleged Financial Fraud” (SEC)

“The SEC’s complaint, filed in federal district court in Manhattan, alleges that Komissarov planned and executed — with the participation of DiMatteo, Clemenson, and Dickinson — a revenue scam in which Lottery purportedly received $9 million for valueless customer data, booked it as revenue, and then used that $9 million to overpay for two Mexican businesses and, thus, return the $9 million to its source…”

“Former Zynex, Inc. Executives Charged with Health Care and Securities Fraud and Related Offenses” (DOJ)

“A federal grand jury in Rhode Island has returned an indictment, unsealed today, charging the former Chief Executive Officer and Chief Operating Officer of Zynex, Inc., a medical device company, with conspiracy to commit health care fraud, securities fraud, and mail fraud, among other violations…”