The Bear Cave #329
New Activist Reports, Recent Resignations, and Tweets of the Week
Welcome to The Bear Cave! Our last premium articles were “Problems at Ethos Technologies (LIFE)” and “The Unjust Prosecution of Andrew Left (Part 1)” and our next special investigation for paid readers comes out Thursday, June 18.
New Activist Reports
NINGI Research published on Sivers Semiconductors (Stockholm: SIVE — 23.3 billion SEK), a Swedish semiconductor and optics company. NINGI called the company “a retail-driven pump built on speculative hyperscaler links, a fabricated bottleneck narrative, and a rumored volume ramp-up.” NINGI cited the company’s history of overpromising, a 7x increase in audit fees that may be associated with changes in its revenue recognition policy, and the apparent loss of important customers and partners. NINGI also highlighted that insiders have sold ~29 million shares from March to May 2026 and wrote:
“The largest seller: Achilles Capital, controlled by SIVE board director Erik Fällström. Sept 2025: 28M shares. March 2026: 13M. May 7, 2026: ZERO. He called SIVE ‘significantly undervalued’ on Swedish TV the same week his fund was liquidating.”
Grizzly Research published on Pirelli & C. S.p.A (Milan: PIRC — 6.51 billion EUR), an Italian tire company. Grizzly alleged that the company’s “close relationships with Russia pose a threat to western national security” and that “about 10% of Pirelli’s profits come from its Russia business.” Grizzly wrote, in part:
“Other tire manufacturers Nokian, Michelin, Continental, Goodyear, and Bridgestone all sold their Russian operations after the start of the invasion of Ukraine and accepted major write-downs as well as negative stock impacts. Pirelli is the only Western tire maker still manufacturing in the country.”
Pelican Way Research published on CitroTech (NYSE: CITR — $145 million), a company attempting to make next-generation fire retardant. Pelican Way alleged the company “is being brought to the market by various promoters who are luring investors into a trap built on a three-decade-old product that has never been commercialized at scale.”
Fugazi Research published on Astrotech (NASDAQ: ASTC — $60 million), a now space company that has repeatedly pivoted industries with a history of “$262 million of destroyed shareholder value, $1 million of annualized revenue, and a balance sheet for just about 4 months of cash runway.”
Recent Resignations
Notable executive departures disclosed in the past week include:
CFO of Penguin Solutions (NASDAQ: PENG — $3.04 billion) resigned “effective as of July 8, 2026, to pursue another opportunity in a different industry” after two years.
CEO of MillerKnoll (NASDAQ: MLKN — $1.01 billion), Ms. Andi Owen, “will retire on June 30, 2026, as mutually agreed with the Board” after nearly 8 years. Ms. Owen previously drew public ire after telling employees in a town hall to “leave pity city.”
Chief Accounting Officer of Ocugen (NASDAQ: OCGN — $433 million) resigned with immediate effect after four months. The clinical-stage biopharmaceutical company has had seven CFOs in the last five years.
Chairman of Lotus Technology (NASDAQ: LOT — $783 million) “has chosen to step down due to personal reasons” after four and a half years. The Chinese luxury electric vehicle company has had two additional board departures over the last year and is down ~90% since its February 2024 SPAC merger.
Mr. Reid Hoffman, board member of Microsoft (NASDAQ: MSFT — $3.10 trillion), said he would “not stand for re-election at the Company’s 2026 annual shareholder meeting” after nearly ten years. Following the resignation, Katie Miller, wife of the White House deputy chief of staff, Stephen Miller, tweeted “Is it because he’s being investigated by the FBI?” without providing additional details. Mr. Hoffman has come under criticism for his ties to Jeffrey Epstein.
Data for this section is provided by VerityData from VerityPlatform.com
News of the Week
“A Short Seller’s Fraud Conviction Is Spooking Wall Street” (WSJ)
“‘If you’re somebody who believes you’re going to have an impact on a stock, you have to think twice about how you trade around a position that you speak about,’ said Nate Koppikar, portfolio manager at short-selling hedge fund Orso Partners. ‘That has to be the softest interpretation.’”
“Canada’s TerraVest slides as chairman accused of insider tipping” (Bloomberg)
“Shares of Canadian manufacturer TerraVest Industries Inc. fell the most since 2009 over allegations of insider tipping by its executive chairman.
The Journal de Montreal reported that Charles Pellerin helped family members and acquaintances make illicit gains by communicating privileged information ahead of a deal in March 2025. The news outlet cited a copy of a search warrant from Quebec’s financial regulator, the Autorité des Marchés Financiers.”
“Financial publishing under fire – 18 tips to prepare” (Swen Lorenz)
“My own approach was to become the legal equivalent of a prepper. Before publishing my first article, I created a folder documenting the legal precautions and regulatory standards I intended to follow. At the time, this seemed paranoid and excessive. Later, it proved to be neither.
Eventually, I received an enquiry from a financial regulator asking me to explain how Undervalued-Shares.com complies with relevant regulations.”
Tweets of the Week
Until next week,
The Bear Cave