The Bear Cave #325

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

May 10, 2026

Welcome to The Bear Cave! Our last premium articles were “Follow The Money” and “Problems at Kinsale Capital Group (KNSL)” and our next special investigation for paid readers comes out Thursday, May 21.

New Activist Reports

Hunterbrook Research published on Czechoslovak Group (Amsterdam: CSG — 15.8 billion EUR), a Czech defense and ammunition company. Hunterbrook alleged the company “may not be making as much ammunition in-house as investors assume” and that “most [of its] ammo revenue seems to come from re-selling, rather than in-house production.” Hunterbrook also criticized the company for incomplete disclosures to investors and insider selling in conjunction with the company’s recent IPO.

Fugazi Research published on Akanda Corp (NASDAQ: AKAN — $14.4 million), a Cannabis company with “6 reverse splits in 3 years, less than 260k in revenue, and not one single dollar from weed revenue since February 2025.”

Recent Resignations

Notable executive departures disclosed in the past week include:

CFO of Lanvin Group (NYSE: LANV — $206 million) resigned “effective May 31, 2026, due to personal reasons” after six months. The Chinese fashion group has had four CFOs in the last five years, previously received an SEC comment letter about accounting abnormalities, and is down ~85% since its December 2022 SPAC merger.
CEO and CFO of Energy Recovery (NASDAQ: ERII — $471 million) are both departing after approximately two years.
CFO and Chief Legal Officer of Six Flags Entertainment (NYSE: FUN — $2.24 billion) also both departed with one day’s notice after approximately two year tenures.
Chief Operating Officer of AdaptHealth (NASDAQ: AHCO — $1.54 billion) was terminated without cause after one and a half years. In June 2021, Jehoshaphat Research raised concerns about AdaptHealth’s accounting for acquisitions.
Mr. Calvin Kung, board member of Scage Future (NASDAQ: SCAG — $59 million), resigned after three years due to “certain unresolved disagreement with the company related to the operations of the company.” The CFO also departed last October and the Chinese electric truck company is down ~90% since its June 2025 SPAC merger.

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

News of the Week

“Thirty Individuals Charged in Global Insider Trading Scheme Netting Tens of Millions in Illicit Profits” (DOJ)

“As alleged in the charging documents, Nicolo Nourafchan, who was a licensed corporate attorney at several large law firms, and others, accessed their law firms’ internal computer networks to view confidential documents relating to pending acquisitions, including confidential transactions on which Nourafchan did not work, and then provided the material non-public information (MNPI) to others in exchange for kickbacks. Nicolo Nourafchan and his partner, Robert Yadgarov, another New York attorney, allegedly recruited other attorneys and insiders to serve as sources of inside information. In exchange for the MNPI, Nourafchan and Yadgarov allegedly paid their sources kickbacks consisting of up to hundreds of thousands of dollars in cash.”

“Wirecard’s Most Noted Short Seller Bets Big on Technological Disruption” (Institutional Investor)

“Framing the moment in apocalyptic terms, Marques invoked ‘creative destruction’ and warned that what he called four ‘horsemen’ are bearing down on once‑reliable quality stocks.
‘The horsemen are coming and we are rushing to adapt to a new investment paradigm,’ he said. ‘Some of our recent shorts are high margin businesses with clean balance sheets and honest management teams that just happen to be in the crosshairs of a new technology roadmap. Trading these narrative shifts requires a different muscle than our traditional frauds, fads, and failures.’”

“David Einhorn wants ladies in ‘sexy party clothes’ at his hedge fund party” (FT)