The Bear Cave #331

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

Jun 21, 2026

Welcome to The Bear Cave! Our last premium articles were “Problems at Ethos Technologies (LIFE),” “The Unjust Prosecution of Andrew Left (Part 1),” and “The Unjust Prosecution of Andrew Left (Part 2).” Our next special investigation for paid readers comes out Thursday, July 2.

New Activist Reports

Jehoshaphat Research published on Gildan Activewear (NYSE: GIL — $9.62 billion), a Canadian apparel company. Jehoshaphat accused the company of channel stuffing, “selling more into a distribution channel than is necessary to support underlying demand, in order to advance short-term growth,” supported by interviews with seven former employees, customers, or distributors. One former employee interviewed by Jehoshaphat allegedly said:

“If there was a sense that we might not hit the sales numbers that we had communicated to the market, the sales team would offer incentives to the distributors to take on more weeks of supply than they normally had, or rebates at the end of the quarter, or more favorable payment terms. These are all mechanisms that were used to compel the distributors to bring forward some purchases…they’d move sales from Q2 to Q1, then they’d repeat the same song and dance in Q2.”

Gildan Activewear stock fell ~14% this week following the report. In its enhanced report disclaimer, Jehoshaphat disclosed a “decent chance we’ll exit the entire short position on the same day we publish our opinions.”

Hunterbrook Media published an update on Ensign Group (NASDAQ: ENSG — $8.98 billion), a large nursing facility roll-up. Hunterbrook alleged additional misconduct and maltreatment of patients at Ensign facilities, including allegations that the facility was “stripped of resources when Ensign took over,” and others have insufficient food for patients.

Grizzly Research published on 2CRSi SA (Paris: AL2SI — 574 million EUR), a French technology company. Grizzly believes “the majority of 2CRSi revenue and contract announcements to be a severe misrepresentation, which 2CRSi orchestrated through undisclosed related parties” and alleged that nearly all its recent business deals have been orchestrated by a veterinarian in upstate New York. Grizzly alleged that these undisclosed related-party entities have minimal legitimate business activity but are placing orders with 2CRSi totaling hundreds of millions to inflate the stock.

Fuzzy Panda Research published an update on T1 Energy (NYSE: TE — $2.61 billion), a clean battery solutions company formerly known as FREYR Battery, and further alleged accounting irregularities based on information shared by whistleblowers.

Keith Dalrymple at DF Research published on Rockpoint Gas Storage (Toronto: RGSI — CAD$3.90 billion), a natural gas storage facility company. Mr. Dalrymple alleged that “management’s story of stable growth [will] unravel” and said the business has “a volatile, cyclical financial model.”

Viceroy Research published several updates on Abaxx Technologies (Toronto: ABXX — CAD$1.76 billion), a Canadian financial infrastructure company building a futures exchange in Singapore for physically-deliverable contracts for energy, battery metals, carbon credits, and precious metals.

Recent Resignations

Notable executive departures disclosed in the past week include:

CEO of Fiserv (NASDAQ: FISV — $25.5 billion) “stepped down as CEO and member of the board to return to banking and become CEO of Truist Financial (NYSE: TFC — $60.2 billion)” after a little over one year.
CFO of MapLight Therapeutics (NASDAQ: MPLT — $1.31 billion) departed “effective immediately, following a review of a human resources violation” after a little over two years. In April, two of the company’s seven board members disclosed they would not stand for re-election.
CFO of Certara (NASDAQ: CERT — $862 million) “is resigning to pursue another opportunity” after a little over three years.
CFO of Pfizer (NYSE: PFE — $144 billion) resigned “for a professional opportunity outside of the pharmaceutical industry in consumer goods” after a little over four years.
General Counsel of Hamilton Beach Brands (NYSE: HBB — $277 million) departed “effective immediately” after a little over one year.

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

News of the Week

“Ken Griffin’s Billions and Billions” (New Yorker)

“I asked Griffin to name which hedge-fund ‘ancestors’ he’d modelled himself on. For seven seconds, he regarded me in silence. New Citadel employees learn not to fill in those pauses…”

May 2026 SEC FOIA Logs (SEC)

New SEC FOIA Logs released this week included Spire Global (NYSE: SPIR — $763 million), Blaize Holdings (NASDAQ: BZAI — $201 million), Starfighters Space (NYSE: FJET — $231 million), GameStop (NYSE: GME — $9.66 billion), Victoria’s Secret (NYSE: VSXY — $6.52 billion), and F5 Inc (NASDAQ: FFIV — $21.8 billion) on the B7A FOIA exemption list, which a sign of a likely SEC investigation.