The company is roughly flat since its October 2020 U.S. The stock is up ~25% since its May 2021 IPO.ĬFO of Tim Brasil (NYSE: TIMB - $5.40 billion) resigned after one and a half years. Notable executive departures disclosed in the past week include:ĬFO of Latham Group (NASDAQ: SWIM - $406 million) resigned after about eight months “for family reasons.” Last year, two board members resigned “effective immediately” and the company’s Chief Operating Officer resigned in September 2021 after just nine months “in order to pursue other opportunities.” The company is down ~85% since its April 2021 IPO.ĬEO of Advantage Solutions (NASDAQ: ADV - $799 million) resigned after ten months “and has elected to pursue other business endeavors.” The company is down ~75% since its October 2020 SPAC merger.ĬEO of Gulfport Energy (NYSE: GPOR - $1.53 billion) resigned after one and a half years. Fiat Lux wrote that GlassHouse’s report, “represents a one-dimensional application of a boilerplate ‘forensic accounting’ checklist which, in many cases, ignores or fails to address important contextual information.” Recent Resignations “Archived versions of these entities’ websites suggest the portfolio companies were mostly focused on data analytics and other IT consulting services, but for the SPAC merger, they were rebranded as AI-focused.”įiat Lux Partners, an anonymous group that “calls out weak short activism,” issued a rebuttal to GlassHouse research on Catalent Inc (NYSE: CTLT - $8.90 billion), a developer and distributor of biologics and consumer health products. In addition, Iceberg noted that BigBear AI was formed when private equity firm AE Industrial merged two of its portfolio companies into a SPAC. In reality, Iceberg found the deal is a competitive contract with 93 other firms and may result in de minimis revenue for BigBear AI. Iceberg Research highlighted that the company soared 260% after issuing a press release concerning a purported $900 million deal with the U.S. Iceberg Research published on BigBear AI Holdings (NYSE: BBAI - $246 million), an AI analytics and consulting company. With a levered balance sheet, permanently higher interest rates, and floating rate debt, the game it plays is OVER.” “HELE is not in the game of running brands successfully, its game is to use a zero interest rate environment, lever up, buy mediocre brands with no synergies, and use creative accounting to manufacture non-cash, non-GAAP EPS that the Street takes hook, line and sinker. Prolific short-seller Marc Cohodes spoke critically in a Hedgeye Interview about Helen of Troy Limited (NASDAQ: HELE - $2.57 billion), a roll-up of wellness, outdoor, and beauty products.
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