The Bear Cave #319
New Activist Reports, Recent Resignations, and Tweets of the Week
Welcome to The Bear Cave! Our last premium articles were “More Problems at Serve Robotics (SERV)” and “Even More Problems at Medical Properties Trust (MPT)” and our next special investigation for paid readers comes out this Thursday, April 2.
New Activist Reports
Culper Research published on ADMA Biologics (NASDAQ: ADMA — $2.20 billion), a plasma-derived therapeutics company. Culper alleged the company’s reported growth “is a fiction driven more than entirely by a de facto channel stuffing scheme and an undisclosed related party distributor.” Culper wrote, in part:
“In 2025, days sales outstanding skyrocketed from 43 to 113 days. ADMA reported $231 million in Adj. EBITDA, but generated just $50 million in cash from operations. Two distributors – BioCare and CuraScript – represented 73% of revenues and 87% of year-end receivables.”
Following Culper’s report, the website of Genesis BioPharma, an alleged undisclosed related party distributor, was deleted. ADMA Biologics stock fell ~35% this week and the company called Culper’s allegations “misleading and inaccurate.”
Citron Research tweeted critically on Fundrise Innovation Fund, LLC (NYSE: VCX — $4.90 billion), a publicly traded closed-end fund investing in private tech companies. Citron raised concerns about the fund’s large premium to NAV and promotion by social media influencers.
Spruce Point Capital published on Bunge Global (NYSE: BG — $24.9 billion), a global food processing and trading company. Spruce Point called Bunge “a complex and troubled roll-up that has demonstrated an inability to deliver value” and alleged that “Bunge is under core pressure in oilseeds, once its highest EBIT contributor.”
Fugazi Research published on Energous Corp (NASDAQ: WATT — $80 million), a wireless charging tech company. Fugazi highlighted the company’s “aggressive dilution, using various equity actions to raise cash a staggering 21 times since 2019,” and lack of material financial progress on its commercial ventures.
Recent Resignations
Notable executive departures disclosed in the past week include:
CEO of Insight Enterprises (NASDAQ: NSIT — $2.04 billion) “will be retiring April 13, 2026” after a little over four years. The incoming CEO, Mr. Jack Azagury, previously served 29 years at consulting giant Accenture and was most recently senior advisor at TowerBrook Capital Partners L.P., an international investment firm.
CFO of MetroCity Bankshares (NASDAQ: MCBS — $812 million) resigned “effective on April 3, 2026” after four and a half years.
CFO of Rumble (NASDAQ: RUM — $1.60 billion) “will transition and assume the role of strategic advisor effective March 31” after a little over ten years. The conservative-leaning video platform is audited by Baker Tilly US, LLP. The Bear Cave previously called Rumble “a business model that simply doesn’t work.”
CEO of Simon Property Group (NYSE: SPG — $58.6 billion), Mr. David Simon, “passed away peacefully on March 22, 2026 surrounded by his family, after a courageous battle with cancer.” During his 31 years as CEO, Simon Property Group stock returned ~40x versus ~24x for the S&P 500. Simon Property Group was co-founded in 1960 by Melvin Simon, David Simon’s father, and is now run by Eli Simon, David Simon’s son.
Chief Accounting Officer of GoodRx Holdings (NASDAQ: GDRX — $665 million) resigned with one week’s notice “to pursue other opportunities” after four years. Two weeks ago, the company dismissed PricewaterhouseCoopers as its auditor and engaged KPMG.
Data for this section is provided by VerityData from VerityPlatform.com
Tweets of the Week
Until Thursday,
The Bear Cave