The Bear Cave #313

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

Feb 15, 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 this Thursday, February 19.

New Activist Reports

Spruce Point Capital published on Super Group (NYSE: SGHC — $4.53 billion), a gambling and sports betting company. Spruce Point raised “serious issues with the integrity of its financial reporting” and alleged that the company owns only ~89% of its South African subsidiary, despite claiming to own 100% in its filings. Spruce Point wrote:

“If SGHC is improperly consolidating 100% of Raging River’s financial results rather than 89.29%, we estimate it may be overstating 2025E EBITDA by approximately $30.7 million which represents the 10.71% non-controlling (minority) interest. This would represent a material misstatement that strikes at the heart of SGHC’s reported profitability and raises fundamental questions why the company recently changed auditors and whether past material weaknesses of internal controls have been remediated as claimed.”

Hunterbrook Media published on BigBear AI Holdings (NYSE: BBAI — $1.78 billion), an AI analytics and consulting company. Hunterbrook noted that the U.S. military rolled out its own AI chatbot just one month after BigBear spent $250 million acquiring a military AI chatbot. Hunterbrook summarized:

“Five military branches just adopted an internal Pentagon AI product partnered with Google and OpenAI. Who lost out? BigBear, which had just spent the equivalent of over half its cash acquiring a military AI tool offering a very similar product. BigBear’s newly named CTO took to LinkedIn to call the Pentagon’s move ‘stupid, wasteful and moronic.’”

Culper Research tweeted critically on Archer Aviation (NYSE: ACHR — $4.42 billion), an electric vertical take-off and landing (eVTOL) aircraft company. Culper alleged “the company continues to mislead investors” and shared flight logs suggesting the company “has not engaged in a single ground or air test for the past 3 months.” Culper also highlighted a Glassdoor review alleging the company “hasn’t even finalized the aircraft design” and “is willing to break safety regulations and put people in danger.”

In March 2025, Culper alleged the company “systematically misled, deceived, or outright lied to investors about virtually every supposed milestone related to its development and testing of its eVTOL aircraft.”

Fugazi Research published on Syntec Optics Holdings (NASDAQ: OPTX — $224 million), a polymer and glass photonics company. Fugazi called the company “uninvestable and worthless,” citing dilution risk, governance failures, and a stunning board resignation email.

Recent Resignations

Notable executive departures disclosed in the past week include:

CEO of GEO Group (NYSE: GEO — $1.98 billion) “entered into a separation agreement” after a little over one year. GEO has had four CEOs and three CFOs in the last five years and is audited by Grant Thornton LLP.
CFO of Ecarx Holdings (NASDAQ: ECX — $589 million) resigned with immediate effect “to pursue a new opportunity” after two and a half years. Last year, two board members also resigned with immediate effect. The Chinese automotive tech company is down ~80% since its December 2022 SPAC merger.
CFO of Radian Group (NYSE: RDN — $4.45 billion) departed following an “involuntary termination” after nearly three years.
CFO, General Counsel, and Controller of Kyndryl Holdings (NYSE: KD — $2.80 billion) all departed with immediate effect. The company also disclosed it was delaying its 10-Q because:
“The company, through the Audit Committee of its Board of Directors, is reviewing its cash management practices, related disclosures (including regarding the drivers of the company’s adjusted free cash flow metric), the efficacy of the company’s internal control over financial reporting, and certain other matters following the company’s receipt of voluntary document requests from the Division of Enforcement of the Securities and Exchange Commission relating to such matters. Due to this review, the finalization of the Quarterly Report, including the company’s assessment of internal control over financial reporting, requires additional time to complete.”
In January, the company’s Chief Human Resources Officer retired and in March 2025 Gotham City Research identified several “accounting and disclosure irregularities” at the company.
General Counsel of Goldman Sachs (NYSE: GS — $271 billion), Ms. Kathryn H. Ruemmler, “determined to retire effective June 30, 2026” after five years. The departure comes following revelations that Ms. Ruemmler had extensive friendly contact with Jeffrey Epstein.

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

News of the Week

“The Dorsey Thesis” (Arena Magazine)

“In the Summer of 2017, Edwin Dorsey was enjoying time off from a year at Stanford when he heard a story about a bad experience with Care.com, the babysitting marketplace. A friend who had found work on the platform described encountering creepy families and a near scam. ‘You should look into the company,’ he recalls her saying. Dorsey had interned at hedge funds and enjoyed corporate research, so he started investigating…”

“Edwin Dorsey’s Playbook: Betting on Yourself in Financial Media” (Stock Thoughts Podcast)

“Edwin Dorsey is the founder of The Bear Cave, a short-selling research newsletter that hit $100K ARR within six weeks of going paid. He also built StockPromotionTracker.com and is an active prediction-market trader on Kalshi…”

January 2026 SEC FOIA Logs (SEC FOIA Logs)

The SEC released its January 2026 FOIA Logs, which are publicly accessible CSV files with copies of all the FOIA requests the SEC received that month and all requests met with a B7A exemption, which can often indicate an undisclosed SEC inquiry.
Companies with likely SEC investigative activity include Tecnoglass (NYSE: TGLS — $2.47 billion), FactSet Research Systems (NYSE: FDS — $7.63 billion), Evolv Technologies (NASDAQ: EVLV — $992 million), and Coinbase (NASDAQ: COIN — $44.3 billion), among others. View the SEC FOIA Logs here and use FOIAsearch.com to easily search the FOIA Log database.

“Prediction markets take a bigger bite of US sports gambling pie” (FT)