The Bear Cave #312

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

Feb 08, 2026

Welcome to The Bear Cave! Our last premium articles were “Problems at Aduro Clean Technologies (ADUR)” and “Even More Problems at DraftKings (DKNG)” and our next special investigation for paid readers comes out Thursday, February 19.

New Activist Reports

Culper Research published on NexGen Energy (NYSE: NXE — $7.22 billion), a Canadian uranium exploration company. Culper called the company “an insider enrichment scheme with substantial downside” and alleged its Rook I uranium deposit’s C$6.3B NPV “is overstated by 43% to 62%.” Culper wrote, in part,

“Named executives have extracted over $140 million CAD in the past decade, with $78.5 million to CEO Curyer alone. We estimate total remuneration to NexGen’s board has been over $66 million over the same period. The company currently holds 10 board members. NexGen lists 8 of 10 directors as independent, but multiple directors hold overlapping decades-long ties to management via NxGold, Mega Uranium, Tigers Realm, and Queen’s Road Capital. We estimate insiders and their affiliates have sold $275 million in stock in the past ~3 years alone.
NexGen has generated zero revenue in its entire public history, but does sponsor at least five professional sports teams, including Aston Martin’s Formula One team, and a professional bull rider. GlobalData estimates NexGen pays $2.5 million annually for F1 sponsorship. CEO Leigh Curyer says NexGen engages in ‘knowledge transfer sessions’ with Aston Martin resulting in valuable learnings that will be applied at Rook I.”

Wolfpack Research published on IONQ Inc (NYSE: IONQ — $12.6 billion), an upstart quantum computing company. Wolfpack noted that “in 2025 they lost funding for Pentagon contracts that had comprised up to 86% of revenues from 2022-2024” and that “the FY 2026 budget passed [February 3] indicates IONQ has missed out on vital Pentagon funding again.”

Abelian Analysis, a new independent quantitative research firm, published on Carvana (NYSE: CVNA — $87.8 billion), an online platform for buying and selling used cars. Abelian alleged Carvana’s turnaround in recent years is “built on a foundation of deteriorating credit quality that the market has not yet recognized” and claimed “Carvana’s business model depends entirely on a securitization flywheel — originate loans, package them into ABS, sell to investors, repeat.”

Grizzly Research published on Electro Optic Systems Holdings (ASX: EOS — AUD$1.16 billion), an Australian defense technology company. Grizzly raised concerns about the company’s announcement “of a major contract with an anonymous Korean counterpart.” In reality, Grizzly found the customer for the $80 million contract was a tiny agricultural drone company with less than half a million in revenue and only three employees, raising concerns about the contract’s economic substance. Grizzly wrote:

“In conclusion, we see a dishonest management team that will soon fail under the pressure of its own lies and worsening financials.”

Hunterbrook Media published a follow-up article on Ubiquiti (NYSE: UI — $37.6 billion), a Wi-Fi router company, and found that “Ubiquiti equipment was integral to the communications and surveillance infrastructure on Epstein’s notorious private island.”

Recent Resignations

Notable executive departures disclosed in the past week include:

CFO of Sun Communities (NYSE: SUI — $15.5 billion) departed with immediate effect after just 30 days. In September 2024, Blue Orca Capital called the company “a mess of egregious executive behavior” and found that Sun’s former CEO “received an undisclosed $4 million loan from the family of a supposedly independent Director who sits on the Audit Committee” and also separately “admitted borrowing $700K from a director whose law firm also serves as [Sun’s] general counsel.”
CFO of Uber Technologies (NYSE: UBER — $155 billion) “will step down” after a little over two years.
CEO of PayPal Holdings (NASDAQ: PYPL — $37.2 billion) “entered into a separation and release agreement” after two and a half years.
CFO of Bicycle Therapeutics (NASDAQ: BCYC — $393 million) “transitioned from her role” after three and a half years. The company’s Chief Medical Officer also resigned with immediate effect after just eleven months.
CEO of Disney (NYSE: DIS — $193 billion), Bob Iger, will resign effective March 18 after three years in his second stint as CEO. The company has also had three different CFOs and four different board chairs in the last five years.
Chief Accounting Officer of T1 Energy (NYSE: TE — $2.24 billion) was “terminated effective immediately” after nearly one year. In March 2025, the company’s Chief Operating Officer was also terminated after just two months. The company has had four CEOs, three CFOs, and three board chairs in the last five years. Last month, Culper Research published on the company and alleged T1 violates Foreign Entity of Concern (FEOC) compliance in its supply chain.

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

News of the Week

“Ken Griffin Says CEOs Find Trump’s Interference ‘Distasteful’” (WSJ)

“Griffin, a Republican megadonor, emerged last year as President Trump’s most vocal critic on Wall Street. He said other CEOs were terrified to speak out on social and political issues right now because they fear a social-media-fueled product boycott because of their stances…”

“Threat of New AI Tools Wipes $300 Billion Off Software and Data Stocks” (WSJ)

“On Tuesday morning, investors homed in on Anthropic’s announcement that it was adding new legal tools to its Cowork assistant meant to help automate a number of legal drafting and research tasks. Shares of Thomson Reuters, Legalzoom.com, and the London Stock Exchange, which all provide some form of legal tools or research databases, all fell more than 12%.”