Sivers Semiconductors: As Insiders Cash Out, a Short Seller Pounces

Sivers Semiconductors' 1,800% rally faces scrutiny from insider sell-offs, a short-seller report alleging accounting issues, and a semiconductor sector selloff.

Sivers Semiconductors has seen its stock rocket more than 1,800% since the start of 2026, but the euphoria is colliding with a wave of insider selling and a blistering short-seller attack. The company now faces questions about revenue recognition, executive conduct, and whether the rally was built on fundamentals or speculative hype.

The most recent insider transaction came on May 29, when Harish Krishnaswamy, managing director of the Sivers Wireless subsidiary, sold 1.39 million shares at 71.36 Swedish kronor apiece, pocketing roughly 99.5 million SEK. The sale, confirmed by Sweden’s insider register maintained by the Finansinspektionen, adds to a pattern of executive exits. Over the past three months, not a single insider purchase has been recorded — only sells. Earlier in March, Krishnaswamy and board member Tomas Duffy also reduced their holdings, though in far smaller amounts.

Yet the most revealing insider move involves board member Erik Fällström. His company, Achilles Capital AB, liquidated its entire position of around 29 million shares between September 2025 and May 7, 2026. The timing raised eyebrows because Fällström publicly called Sivers “clearly undervalued” in a Swedish media interview during that same period. Combined with other insider sales totaling 1.05 million shares for 16 million SEK, the picture is one of broad-based exit by those closest to the business.

That conflict sits at the heart of a scathing report published June 1 by NINGI Research, which holds a short position in Sivers shares. NINGI alleges that the rally has been driven by retail investors chasing speculative narratives and questionable accounting rather than real commercial progress. Specifically, the report claims at least 97 million Swedish kronor — 31% of Sivers’ 2025 revenue — is booked in a manner that violates IFRS, aided by a revised accounting policy that has helped push audit costs up sevenfold.

Customer relationships are also under scrutiny. According to NINGI, a Fortune 100 client stopped placing orders in early 2024, causing a 97% collapse in revenue from that source. Meanwhile, a link to Marvell/Celestial was severed after a confidentiality breach. Sivers has not yet issued an official response to the allegations. Two U.S. law firms — Bronstein, Gewirtz & Grossman and Rosen Law Firm — have launched investigations into potential claims on behalf of shareholders.

The stock’s behavior adds further volatility to the picture. It closed recently at 6.70 euros, trading 71% above its 50-day average after a 30-day run-up of 64%. The 52-week high of 10.23 euros was touched in early June, but the share has since given back 35% of that gain. Annualized 30-day volatility stands at more than 247%, underscoring the extreme swings.

Broader market forces have amplified the pressure. On June 5, the Philadelphia Semiconductor Index suffered its worst day since March 2020, plunging 10.3% and wiping out over $1 trillion in market capitalization. The rout was triggered by disappointing AI chip forecasts from Broadcom and a strong U.S. jobs report that stoked interest-rate hike fears.

Sivers’ own first-quarter results, released earlier, underscore the operational headwinds. Revenue came in at 61.9 million Swedish kronor, down 22% year-on-year, with a net loss of 42.7 million kronor. The company blamed a U.S. government shutdown in the fourth quarter of 2025 and delayed defense budgets for the weak performance.

The next test for Sivers is the annual general meeting scheduled for June 15 in Stockholm, with the registration deadline having passed on June 9. All shares carry equal voting rights, giving minority holders a direct say. Whether the insider selling spree and the short seller’s allegations dominate the agenda — or are overshadowed by other business — will shape the narrative heading into the second half of the year.