The Bear Cave #317

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

Mar 15, 2026

Welcome to The Bear Cave! Our last premium articles were “Problems at Yelp (YELP)” and “More Problems at Serve Robotics (SERV)” and our next special investigation for paid readers comes out this Thursday, March 19.

New Activist Reports

GlassHouse Research published on Exchange Income Corporation (Toronto: EIF — CAD$5.58 billion), a Canadian aerospace and manufacturing acquisition company. GlassHouse raised concerns about Exchange Income Corporation’s ownership of Regional One, an international aircraft leasing company that lends aircraft to “high-risk counterparties” in developing countries and allegedly has “roughly 30-50 aircraft parked in desert storage facilities in Arizona.” GlassHouse summarized:

“This is not a boring Canadian dividend aristocrat. It is a capital intensive, international asset recycler that allows physical assets to deteriorate quietly, monetizes what remains through accounting discretion, and uses external capital to sustain a payout.”

NINGI Research published on Kinnevik AB (Stockholm: KINV — SEK 17.5 billion), a Swedish investment company. NINGI alleged that Kinnevik sold distressed fintech assets to a fund allegedly set up by a Kinnevik employee, failed to properly disclose related-party transactions, and masked major losses by moving impaired holdings into an opaque “Other Unlisted Investments” bucket. In addition, NINGI argued that several of Kinnevik’s holdings in software, travel, and payments are essentially intermediaries and could be displaced by agentic AI.

Bleecker Street Research published an update on Via Transportation (NYSE: VIA — $1.35 billion), a public transit technology company. Bleecker Street highlighted the company’s negative organic growth and upcoming stock lock-up expiration. In December 2025, Bleecker Street called Via “a low-margin services contractor in a brutal industry masquerading as a SaaS company” and highlighted that almost all the company’s revenue “is tied to service hours, driver hours, and vehicle utilization - not software licenses.”

Wolfpack Research published on Babcock & Wilcox (NYSE: BW — $1.37 billion), an energy and environmental technologies company. Wolfpack alleged that Babcock & Wilcox’s recent multi-billion-dollar deal to provide power-generating boilers is with an entity created by its largest shareholder, BRC Group (formerly B. Riley). As such, Wolfpack believes the deal lacks credibility, noting that BRC’s CEO, Bryant Riley, sold $10.4 million of BW stock last month.

The Bear Syndicate, a European short-seller group which has no relation to The Bear Cave, published on TAKKT AG (Frankfurt: TTK — EUR 169 million), a German business equipment company. The Bear Syndicate called TAKKT “a textbook example of a value-destroying and structurally mediocre business selling commoditized products in a saturated industry” and predicted “major goodwill impairments and worsening debt financing.”

Recent Resignations

Notable executive departures disclosed in the past week include:

CFO of SolarEdge Technologies (NASDAQ: SEDG — $2.26 billion) resigned “to pursue a chief financial officer role at a public company outside of the industry” after a little over one year. The company’s prior CFO departed after only six months.
CFO of Planet Fitness (NYSE: PLNT — $5.89 billion) departed with immediate effect after a little over one year. The company has had three CEOs and three CFOs in the past three years. The Bear Cave previously highlighted widespread billing issues at the company in “Problems at Planet Fitness (PLNT)” and “More Problems at Planet Fitness (PLNT).”
CFO of Playtika Holding Corp (NASDAQ: PLTK — $1.08 billion) resigned after six and a half years. In April 2025, the company’s Chief Accounting Officer also resigned after nearly six years. In December 2022, a Playtika board member resigned after observing “significant deficiencies in the company’s current governance practices” and in November 2021 The Bear Cave published on the gaming app company and wrote,
“Playtika is reliant on large tech platforms, is positioned against social winds, is encumbered by $2.5 billion in debt, plays in a highly competitive industry with low barriers to entry, profits off of gambling addicts, and faces major and immediate headwinds in its most profitable games. Don’t play with Playtika.”
The company has since fallen ~85%.
CEO of Adobe (NASDAQ: ADBE — $102 billion) will step down after 18 years once the company identifies a successor.
Chief Operating Officer of KinderCare (NYSE: KLC — $231 million) was terminated just four months after being promoted into that role. In December 2025, the company’s CEO resigned with immediate effect after one and a half years and also departed the board. The private equity-backed daycare company is down ~90% since its October 2024 IPO. In April 2025, The Bear Cave published on KinderCare and wrote, in part,
“Today’s investigation from The Bear Cave finds that KinderCare often fails to deliver the safe and nurturing environment it promises parents and taxpayers. The Bear Cave finds that toddlers escape from the KinderCare daycares onto busy roads, are left alone locked inside KinderCare buildings and buses, and are physically and verbally abused, with many cases going unreported until bystanders raise alarm or video evidence circulates. In sum, The Bear Cave believes KinderCare is a broken business that harms the children and families it claims to help.”
In June 2025, The Bear Cave published a second investigation into KinderCare and highlighted how lawmakers were raising concerns about the company’s nearly $1 billion in annual government subsidies.
Chief Accounting Officer of Shift4 Payments (NYSE: FOUR — $3.52 billion) departed after nearly two years “to pursue an opportunity at a non-competitive company.” In December 2025, the company’s Executive Chair and founder, Jared Isaacman, departed to become NASA Administrator under the Trump Administration and in September 2025 the company’s CFO retired after three years. In April 2023, Blue Orca Capital alleged the company engaged in accounting games and stock promotion.

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

Recent Stock Promotion Campaigns

Notable paid stock promotion campaigns disclosed in the last month include:

GoldMining Inc (NYSE: GLDG — $297 million) spent around $795,000 on paid stock promotion.
AtaiBeckley (NASDAQ: ATAI — $1.35 billion) recently spent $450,000 on paid stock promotion, including promotional YouTube videos.
Nouveau Monde Graphite (NYSE: NMG — $350 million) paid $300,000 to Outside the Box Capital for a six-month stock promotion campaign beginning September 23, 2025.
Crane Harbor Acquisition Corp. (NASDAQ: CHAC — $308 million) paid Outside the Box Capital $200,000 for a six-month stock promotion campaign beginning March 9, 2026. The SPAC will be merging with Xanadu, a Canadian quantum computing company.
Relmada Therapeutics (NASDAQ: RLMD — $433 million) paid $35,000 to Bullseye Trading for a promotional email campaign and previously paid Market Tips and Stock Market Media for additional promotion.