The Bear Cave #70 + Recent Resignations

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

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New Activist Reports

White Diamond Research published on Wrap Technologies (NASDAQ: WRAP — $362 million), a policing solutions company. White Diamond highlighted that the company’s deployed products are hardly used and that the company’s virtual reality police training is underdeveloped. In addition, White Diamond claimed Wrap could be dropped from the Russell Index later this month. The company responded on Twitter and said the report was “misleading the market.”

Western Edge published a Seeking Alpha article on Golden Matrix Group (OTC: GMGI — $215 million), an online sports betting software company that is up around 400% over the last year. Western Edge accused the company of being a pump and dump and wrote,

“While the company only has two actual employees, there is a catalog of SEC sanctioned individuals and firms that have been involved at Golden Matrix.”


Recent Resignations and Departures

Notable executive departures disclosed over the last three months include:

  • CEO and CFO of Lordstown Motors (NASDAQ: RIDE — $1.67 billion) both resigned less than a year after the company went public through a SPAC merger. Hindenburg Research previously called the company a “mirage” with “fake orders.”

  • CFO of Inseego (NASDAQ: INSG — $1.07 billion) resigned “effective immediately” after about eight months on the job. The company has had five different CFOs over the last five years.

  • CFO of CrossAmerica Partners (NYSE: CAPL — $747 million) resigned after about nine months. The company has had five different CFOs, three different CEOs, and three different chairmen in the last five years.

  • CFO of Novavax (NASDAQ: NVAX — $15.5 billion) resigned after about five months for “personal reasons.” The company has had five different CFOs over the last five years.

  • CEO of Tyson Foods (NYSE: TSN — $28.0 billion) departed after about eight months. Tyson has had four different CEOs in the last five years.

  • CEO of iRhythm Technologies (NASDAQ: IRTC — $1.89 billion) resigned after about five months.

  • CFO of Okta (NASDAQ: OKTA — $30.2 billion) resigned after three months.

  • CFO of Domino’s Pizza (NYSE: DPZ — $17.4 billion) resigned after about nine months.

  • CFO of Skillz (NYSE: SKLZ — $7.91 billion) resigned after about a year.

  • CFO of Rubicon Technology (NASDAQ: RBCN — $24.1 million) resigned after only 37 days on the job. The company has had six different CFOs over the last five years.

Data for this section is provided by InsiderScore.com


What to Read

“Statement on Commencement of Appointment Process for Five Public Company Accounting Oversight Board Seats” (SEC)

“Individuals interested in being considered for a position as Board member of the PCAOB should submit the following to the Office of the Chief Accountant, at Boardrecommendations@sec.gov, by June 29, 2021.”

“Daniel Kamensky Speaks. Part I.” (Petition)

“Giving in to my anger in that moment has forever changed my life. I hope others can learn from my mistakes….”

“The Hedge-Fund Manager Who Did Battle With Exxon—and Won” (WSJ)

“Christopher James, who once owned a coal mine, was an improbable activist for change at the oil giant. But he was able to convince Wall Street’s biggest money managers to back his thesis.”


Tweets of the Week


Until Thursday,

The Bear Cave

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