<p>Welcome to The Bear Cave! Our last premium articles were “<a href="https://thebearcave.substack.com/p/problems-at-ethos-technologies-life">Problems at Ethos Technologies (LIFE)</a>” and “<a href="https://thebearcave.substack.com/p/the-unjust-prosecution-of-andrew">The Unjust Prosecution of Andrew Left (Part 1)</a>” and our next special investigation for paid readers comes out Thursday, June 18.</p><h2><em><strong>New Activist Reports</strong></em></h2><p>NINGI Research <a href="https://x.com/NingiResearch/status/2061391342459060574?s=20">published</a> on <strong>Sivers Semiconductors</strong> (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 <a href="https://x.com/NingiResearch/status/2061391356140945445?s=20">7x increase in audit fees</a> 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:</p><blockquote><p>“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.”</p></blockquote><p>Grizzly Research <a href="https://x.com/ResearchGrizzly/status/2062414375562908080?s=20">published</a> on <strong>Pirelli & C. S.p.A</strong> (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:</p><blockquote><p>“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.”</p></blockquote><p>Pelican Way Research <a href="https://x.com/Pelicanwayre/status/2062889854384357388">published</a> on <strong>CitroTech</strong> (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.”</p><p>Fugazi Research <a href="https://www.fugaziresearch.com/p/astc-five-pivots-262m-lost-and-an">published</a> on <strong>Astrotech</strong> (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.”</p><h2><em><strong>Recent Resignations</strong></em></h2><p>Notable executive departures disclosed in the past week include:</p><ol><li><p>CFO of <strong>Penguin Solutions</strong> (NASDAQ: PENG — $3.04 billion) resigned “effective as of July 8, 2026, to pursue another opportunity in a different industry” after two years.</p></li><li><p>CEO of <strong>MillerKnoll</strong> (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 “<a href="https://www.npr.org/2023/04/19/1170669245/millerknoll-ceo-andi-owen-video-bonuses">leave pity city</a>.”</p></li><li><p>Chief Accounting Officer of <strong>Ocugen</strong> (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.</p></li><li><p>Chairman of <strong>Lotus Technology</strong> (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.</p></li><li><p>Mr. Reid Hoffman, board member of <strong>Microsoft</strong> (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, <a href="https://x.com/KatieMiller/status/2063095010354974814">tweeted</a> “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.</p></li></ol><p><em>Data for this section is provided by VerityData from <a href="http://verityplatform.com/">VerityPlatform.com</a></em></p><h2><em><strong>News of the Week</strong></em></h2><p><em>“A Short Seller’s Fraud Conviction Is Spooking Wall Street”</em> (<a href="https://www.wsj.com/finance/stocks/a-short-sellers-fraud-conviction-is-spooking-wall-street-3ad6fbe6">WSJ</a>)</p><blockquote><p>“‘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.’”</p></blockquote><p><em>“Canada’s TerraVest slides as chairman accused of insider tipping”</em> (<a href="https://financialpost.com/news/canadas-terravest-slides-as-chairman-accused-of-insider-tipping">Bloomberg</a>)</p><blockquote><p>“Shares of Canadian manufacturer TerraVest Industries Inc. fell the most since 2009 over allegations of insider tipping by its executive chairman.</p><p>The Journal de Montreal <a href="https://www.journaldemontreal.com/2026/06/05/un-puissant-homme-daffaires-soupconne-davoir-aide-des-proches-a-senrichir-de-68-m">reported</a> 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.”</p></blockquote><p><em>“Financial publishing under fire – 18 tips to prepare”</em> (<a href="https://www.undervalued-shares.com/weekly-dispatches/financial-publishing-under-fire-18-tips-to-prepare/">Swen Lorenz</a>)</p><blockquote><p>“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.</p><p>Eventually, I received an enquiry from a financial regulator asking me to explain how Undervalued-Shares.com complies with relevant regulations.”</p></blockquote><h2><em><strong>Tweets of the Week</strong></em></h2><div class="twitter-embed"></div><div class="twitter-embed"></div><div class="twitter-embed"></div><div class="twitter-embed"></div><div class="twitter-embed"></div><div class="twitter-embed"></div><div class="twitter-embed"></div><div class="twitter-embed"></div><div class="twitter-embed"></div><div class="twitter-embed"></div><div class="twitter-embed"></div><div class="twitter-embed"></div><p class="button-wrapper"><a class="button primary" href="https://thebearcave.substack.com/subscribe?"><span>Subscribe now</span></a></p><div><hr /></div><p>Until next week,</p><p>The Bear Cave</p><h5><strong>New? </strong><em><strong><a href="https://thebearcave.substack.com/">Sign Up Here</a></strong></em></h5><h5><strong>Got Feedback? Just Hit Reply</strong></h5><h5><strong>The Bear Cave is Not Investment Advice. Twitter: <a href="https://twitter.com/StockJabber">@StockJabber</a></strong></h5>