The core thesis of the piece, if I'm comprehending it right, is that a failing retailer had insiders who -- with full knowledge of what they were doing -- engaged in self-enrichment schemes that they knew would leave investors holding a worthless bag. He mentions that they did a massive raise, including billions in debt, ostensibly to modernize and digitize and compete online, and instead they used it to buy back stock.

There doesn't seem to be any waving of hands.

And the primary target of the piece are low info gambling meme-stock bettors.