Last updated: December 22, 2025 — includes this week’s Short Sellers Digest data.
First published: October 7, 2024
This weekly article curates notable short-seller reports and executive resignations, enriched with Transparently.ai's proprietary Risk Ratings to help investors quickly assess the accounting quality and potential red flags in public companies.
The ratings are a proprietary measure of accounting manipulation risk, assigned as a letter grade from A+ (representing high-quality accounts) to F (indicating extreme risk). A lower letter grade (e.g., D, E, F) suggests a greater likelihood of aggressive accounting practices or potential financial misrepresentation and warrants closer investigation.
Please see the appendix below for further explanation.
Note: Our model is not designed to provide ratings for financial institutions due to their unique accounting and regulatory frameworks. This article should not be construed as investment advice.
We will be updating this article regularly, which over time will develop into a living archive of market controversies and risk signals that investors and asset managers can use to spot patterns, track red flags, and inform smarter stock picking.
Dec. 22. 2025
| Company | Ticker | Allegation / Event | Risk Score | Research House |
|---|---|---|---|---|
| SHORT REPORTS | ||||
| Nutex Health | NUTX | "... alleged arbitration fraud, medical billing fraud and undisclosed executive conflicts of interest." | E | Capybara Research |
| RadNet | RDNT | Old radiology chain accused of beefing up stock price with AI hype. | C+ | Hunterbrook Media |
| Via Transportation | VIA | "low-margin services contractor ... masquerading as a high-growth tech company." | Insufficient Data | Bleecker Street Research |
| NOTEWORTHY C-SUITE MOVEMENTS | ||||
| Alight | ALIT | CFO quits on the heels of CEO resignation and cost-cutting drive. | C- | |
| Kraft Heinz | KHC | Fresh CEO resignation. Three CEOs and four CFOs since 2019. | C- | |
| Mativ Holdings | MATV | CFO terminated without cause after just shy of 2 years. | E | |
| Navan | NAVN | CFO departs after just one and a half years. | Insufficient Data | |
| Shift4 Payments | FOUR | Executive Chair and founder departs after 27 years to run NASA. | C- | |
| Vestis Corp | VSTS | CFO resigns after 10 months | C+ | |
Dec. 15, 2025
| Company | Ticker | Allegation / Event | Risk Score | Research House |
|---|---|---|---|---|
| SHORT REPORTS | ||||
| Ceres Power Holdings | CWR | "...a flawed business model ...," with "unrealistic projections' | F | Grizzly Research |
| Gerresheimer AG | GXI | Failing business model under investigation (BaFin) with aggressive cash accounting | B+ | Morpheus Research |
| New Era Energy & Digital | NUAI | CEO with a history of failure. Added "AI"to name after original business model failed | F | Fuzzy Panda Research |
| SES AI Corp | SES | Announced. "...phantom deals to distract from failing solid-state battery tech." | E | Wolfpack Research |
| SMX | SMX | Pre-revenue tech play with no “transition toward revenue”. CEO has history of vaporware. | F | Fugazi Research |
| NOTEWORTHY C-SUITE MOVEMENTS | ||||
| Berkshire Hathaway | BRK.B | CEO of GEICO at Berkshire resigned to head a new business at JP Morgan | D | |
| Camping World Holdings | CWH | CEO, Board Chair, and co-founder will retire after 30 years | F | |
| EVgo Inc | EVGO | The third CFO resigns within 5 years | B | |
| Lululemon Athletica | LULU | CEO resigned after almost 8 years; stock rallied on announcement | B | |
Dec. 8, 2025
| Company | Ticker | Allegation / Event | Risk Score | Research House |
|---|---|---|---|---|
| SHORT REPORTS | ||||
| A2Z Cust2Mate Solutions | AZ | "a collapsing smart cart mirage built on phantom orders, undelivered deals..." | F | Pelican Way Research |
| Aya Gold & Silver | AYA | Alleges new satellite images support thesis that flagship mine productivity is overstated | E | Blue Orca Capital |
| Magnitude International | MAGH | Called the company a “liquidation scam”. The SEC subsequently called a trading halt | Insufficient filing data | BMF |
| Pattern Group | PTRN | "overhyped third-party seller of health supplements and other consumer goods" | Insufficient filing data | The Bear Cave |
| Praxis Precision Medicines | PRAX | Two follow up reports alleging manipulated clinical trial results | F | Culper Research |
| Trustpilot | TRST | Consumer review platform using “mafia-style extortion" to force participation | D | Grizzly Research |
| NOTEWORTHY C-SUITE MOVEMENTS | ||||
| CRH plc | CRH | Board member resigns after 2 months due to "unforeseen circumstances" | B | |
| iQIYI | IQ | Third board member resignation since April | F | |
| KinderCare | KLC | CEO resigns after one and a half years | D | |
| NovoCure | NVCR | CEO enters into "Separation and Release Agreement" after just 11 months | E | |
| SentinelOne | S | CFO resigns after one and a half years | D | |
Dec. 1, 2025
| Company | Ticker | Allegation / Event | Risk Score | Research House |
|---|---|---|---|---|
| SHORT REPORTS | ||||
| Nutex Health | NUTX | “Over a dozen Nutex partners ... have accused Nutex ... of wrongdoing...” | E | Capybara Research |
| Capricor Therapeutics | CAPR | Predicting failure of the Phase 3 trial for treatment of Duchenne muscular dystrophy. | F | Martin Shkreli |
| Praxis Precision Medicines | PRAX | Phase 3 results based on “... make-believe data and half-baked analysis." | F | Culper Research |
| NOTEWORTHY C-SUITE MOVEMENTS | ||||
| Alight | ALIT | CEO exits after 18 months, follows three board departures. | C- | |
| Barrick Mining Corporation | B | Lead independent board member resigns after 7 years. CEO departed in Sept. | B | |
| Keurig Dr Pepper | KDP | CEO 'no longer serving' after 3 years | B- | |
| RCI Hospitality Holdings | RICK | CEO and CFO step down. The company and these officers were indicted in Sept. | C+ | |
Nov. 24, 2025
| Company | Ticker | Allegation / Event | Risk Score | Research House |
|---|---|---|---|---|
| SHORT REPORTS | ||||
| Archer Aviation | ACHR | Failed to demonstrate its eVOL aircraft at the Dubai Airshow contrary to promotion | E | Hunterbrook Media |
| Better Home & Finance | BETR | Warehouse leverage covenants necessitate continuous equity issuance | NA (Financial) | Deep Credit Research |
| Critical Metals | CRML | " ... not a legitimate mining venture but an elaborate promotional vehicle ..." | F | NINGI Research |
| Iron Mountain | IRM | Manipulates leverage, facing lawsuits over accounting and other business practices" | B- | Gotham City Research |
| Perdoceo Education | PRDO | Inflating enrolments, "using stolen identities." Massive insider selling | C | Bleecker Street Research |
| NOTEWORTHY C-SUITE MOVEMENTS | ||||
| Helios Technologies | HLIO | CFO "separated from the company" after just one month | C+ | |
| Papa John's | PZZA | Chief Development Officer departs after a year. Five CEOs and six CFOs in 10 years | C+ | |
| Watts Water Technologies | WTS | CFO departs after less than 4 months | C | |
| Xerox Holdings | XRX | CFO departs in less than a year. Four CEOs and CFOs in the space of a decade | F | |
| YD Bio | YDES | Board member and Audit Chair resigns after 2 months | D | |
Nov. 17, 2025
| Company | Ticker | Allegation / Event | Risk Score | Research House |
|---|---|---|---|---|
| SHORT REPORTS | ||||
| IperionX | IPX | Questioned company's expansion plans when sales are so low | D | Spruce Point Capital |
| New Horizon Aircraft | HOVR | Massive shareholder dilution. One listed facility appears to a residential house | F | Pelican Way Research |
| NuScale Power | SMR | Update claiming, "none of the 15 MOUs signed since 2019 have come to fruition” | F | Iceberg Research |
| Sable Offshore | SOC | Company faces a liquidity crisis and desperately needs to raise cash | E | Hunterbrook Media |
| Papa John's | PZZA | Manipulators are spreading false reports of a share acquisition offer | C+ | Hunterbrook Media |
| NOTEWORTHY C-SUITE MOVEMENTS | ||||
| Calavo Growers | CVGW | CEO retires after 3 years: 5 CEOs and 8 CFOs in ten years | D | |
| Malibu Boats | MBUU | CFO enters transition agreement with immediate effect after two years | D | |
| PagSeguro Digital | PAGS | CEO resigns after four years. Viceroy previously published on the stock | E | |
| Sprinklr | CXM | Chief Revenue Officer departs after just two months | C- | |
| Terra Innovatum Global | NKLR | Board member resigns after just 4 weeks | Insufficient Data | |
| XCF Global | SAFX | CEO "terminated without cause" after two years, also exits the board | E | |
| DraftKings | DKNG | President for North America enters into a "transition agreement" after six years | E | |
Nov. 10, 2025
| Company | Ticker | Allegation / Event | Risk Score | Research House |
|---|---|---|---|---|
| SHORT REPORTS | ||||
| HelloFresh | HFG | “... in steep decline, obscured by shifting metrics...” Co-founder selling calls | E | Grizzly Research |
| AAON | AAON | Data center revenue "overstated by ~30-40%”. CEO sold shares before leaving | B | Jehoshaphat Research |
| NOTEWORTHY C-SUITE MOVEMENTS | ||||
| Dentsply Sirona | XRAY | CFO departs after 5 months. Previous CEO terminated in 2022 after internal review | E | |
| K Wave Media | KWM | CFO departs with immediate effect after one and a half years. | F | |
| Foghorn Therapeutics | FHTX | CFO departs with immediate effect after one and a half years. | E | |
| Primo Brands | PRMB | CFO resigns and also quits the board | D | |
| Slide Insurance Holdings | SLDE | CEO criticized by Manatee Treseach in Sep | NA (Financial) | |
| Eagle Bancorp | EGBN | CFO replacement after almost 8 years | NA (Financial) | |
| Tucows | TCX | CEO enters "mutual separation agreement" after 26 years with $2.5 million payout | F | |
| NewMarket Corp | NEU | President becomes CEO after 9 months. Three CFOs in 5 years | A | |
| SES AI Corp | SES | CFO resigns; the 4th in 13 months | E | |
| DraftKings | DKNG | President departs via "mutual separation agreement" after six years | E | |
Nov. 5, 2025
| Company | Ticker | Allegation / Event | Risk Score | Research House |
|---|---|---|---|---|
| SHORT REPORTS | ||||
| Anavex Life Sciences | AVXL | Rigged clinical trials, looming EMA rejection & suspect compensation deals | F | BMF Reports |
| Datavault AI | DVLT | "...misleading press releases and empty claims" with CEO previously fined by SEC | F | Wolfpack Research |
| Drax Group | DRX | Predicts “management will have to go” amid ongoing FCA investigation | B- | ShadowFall Research |
| Ducommun | DCO | Overstated growth prospects, “aggressive accounting” and balance sheet risk | C | Glasshouse Research |
| Eos Energy Enterprises | EOSE | Capital raises and customer churn; backlog quality questioned | F | Fuzzy Panda Research |
| NOTEWORTHY C-SUITE MOVEMENTS | ||||
| Algoma Steel Group | ASTL | CEO resigns; interim leadership appointed while search begins | C | |
| Chegg | CHGG | CEO transitions out; strategic pivot underway | D | |
| Credit Acceptance Corp | CACC | General Counsel departs; ongoing leadership turnover cited | C | |
| GXO Logistics | GXO | Chief Revenue Officer resigns, follows departure of the CFO in August | C | |
| Medallion Financial | MFIN | 91 year-old CEO and founder announces retirement, hands reigns to son | NA (Financial) | |
| United Parks & Resorts | PRKS | CFO resigns after a year, 5 CFOs and 6 CEOs in ten years. | C | |
Oct. 28, 2025
| Company | Ticker | Allegation / Event | Risk Score | Research House |
|---|---|---|---|---|
| SHORT REPORTS | ||||
| DoorDash | DASH | The drivers of this food delivery company are not properly vetted | C- | Culper Research |
| Ramaco Resources | METC | The company's Brook Mine is too low grade to be economically viable | C+ | Wolfpack Research |
| RXO Inc. | RXO | The company reports "some operating expenses ... as investments" | C- | DF Research |
| NOTEWORTHY C-SUITE MOVEMENTS | ||||
| Eagle Bancorp | EGBN | Chief Credit Officer announces resignation after slightly more than a year | NA (financial) | |
| Gogo | GOGO | COO departs after just ten months | D | |
| Helport AI Limited | HPAI | Interim CFO resigns after 6 months. This follows the termination of the CFO in March | C | |
| Rezolve AI | RZLV | CFO transitions to Group Finance Director. Fuzzy Panda targeted RZLV in September | F | |
| Science Applications Int. | SAIC | CEO departs after two years. This makes 4 CEOs and 4 CFOs in ten years | B- | |
Oct. 20, 2025
| Company | Ticker | Allegation / Event | Risk Score | Research House |
|---|---|---|---|---|
| SHORT REPORTS | ||||
| CCC S.A. | CCC | “fabricating growth by 'selling' ... unwanted inventory to a ... captive franchisee" | C- | NINGI Research |
| Grindr | GRND | The Chairman, a buyout bidder, is margin called on his pledged GRND shares. | C- | NINGI Research |
| Premium Catering Hlds | PC | SEC calls temporary trading halt due to "potential engagement in manipulative trading or other misconduct". | E | SEC |
| NOTEWORTHY C-SUITE MOVEMENTS | ||||
| Capital Bancorp | CBNK | 2nd CFO resigns in as many years | NA (financial) | |
| HF Foods Group | HFFG | CFO departs, the eighth in ten years | F | |
| Murphy USA | MUSA | CFO departs in less that two years | A- | |
| Schlumberger | SLB | Board member departs after just 2 days | B | |
| Semler Scientific | SMLR | CFO resigns after two and a bit years | D | |
Oct. 13, 2025
| Company | Ticker | Allegation / Event | Risk Score | Research House |
|---|---|---|---|---|
| SHORT REPORTS | ||||
| Bitmine Immersion Tech | BMNR | Trading at an unsustainable 40% premium to the value of its cryptocurrency holdings | F | Kerrisdale Capital |
| Datasection | 3905 | Providing access to NVIDIA B200 GPUs to sanctioned Chinese entities via a shell arrangement, contravening US export controls | E | Wolfpack Research |
| Red Cat Holdings | RCAT | Misled investors about the value and certainty of an army contract for drones | F | Fuzzy Panda Research |
| Rigetti Computing | RGCI | Clarified its math on overvalued backlog; critics argue the company has no commercial revenue | F | Citron Research |
| NOTEWORTHY C-SUITE MOVEMENTS | ||||
| Korro Bio | KRRO | CFO resigns after just seven months | F | |
| Lanvin Group Holdings | LANV | CFO resigns. This follows the departure of the former CEO who quit the board in June | F | |
| Legacy Housing | LEGH | The CFO and CEO both resigned in the space of a week | B | |
| Freshpet | FRPT | CFO resigns after 3 years to pursue an opportunity outside the company | C | |
Oct. 6, 2025
| Company | Ticker | Allegation / Event | Risk Rating | Research House |
|---|---|---|---|---|
| SHORT REPORTS | ||||
| DraftKings | DKNG | Risk to market share posed by unregulated prediction markets such as Kalshi. | E | Spruce Point |
| Rezolve AI | RZLV | Overstated proprietary tech. No AI revenue. Related party transactions. | F | Fuzzy Panda Research |
| Rezolve AI | RZLV | Lack of genuine business. Growth driven by acquisitions. Poor Glassdoor reviews. | F | Grizzly Research |
| Richtech Robotics | RR | Called RR "a China hustle riddled with fraud". Walmart collaboration overstated. | F | Capybara Research |
| Slide Insurance Holdings | SLDE | Underwriting outperformance inflated by claim delays and denials. | NA (financial) | Manatee Research |
| NOTEWORTHY C-SUITE MOVEMENTS | ||||
| Ads-Tec Energy | ADSE | CFO resigns after a year. | E | |
| Beauty Health Co | SKIN | CEO resigns and departs board. | E | |
| Dentsply Sirona | XRAY | General Counsel resigns; seven CEOs and nine CFOs in the last ten years. | E | |
| Matador Resources | MTDR | CFO resigns after 3 months; five CFOs in 5 years. | B | |
| Stellantis | STLA | CFO resigns after a year; four CFOs in 3 years. | B- | |
Appendix: Transparently.ai methodology and Risk Rating interpretation
Transparently.ai utilizes an advanced, AI-driven forensic-accounting model to assess the accounting manipulation risk of publicly-listed companies worldwide. This proprietary model is trained on extensive historical fraud and failure data, enabling it to identify patterns and indicators of potential financial misrepresentation within a company's financial statements. The assessment is based on a comprehensive analysis of numerous financial and non-financial factors, grouped into various clusters, which collectively contribute to an overall risk score.
Our risk ratings are presented as letter grades, ranging from A+ to F, providing a clear and concise indication of a company's accounting quality:
A+ to B-: These ratings generally signify good to acceptable accounting quality, with lower levels of identified accounting manipulation risk.
C+ to C-: Companies in this range exhibit a moderate level of accounting manipulation risk, suggesting that some aspects of their financial reporting might warrant closer examination.
D to F: These ratings indicate significant to extreme accounting manipulation risk. Companies with these grades are flagged for a higher likelihood of aggressive accounting practices or potential financial misrepresentation and should be investigated thoroughly.
Mark Jolley
Mark has been an investment strategist for almost 40 years and has advised some of the world’s biggest investment funds, public companies and notable investors. In the mid-1990s, as a global investment strategist with Deutsche Bank, Mark produced a daily note read by more than 16,000 investment professionals including voting members of the Federal Reserve and the European Central Bank. In the 2000s, Mark worked as Deutsche Bank’s Asian strategist and then as strategist for China Construction Bank. He is now an independent analyst.
