Incorrect "Expression is always true" in consecutive LINQ Where() calls

Consider the following code:

public static void Example(string[] args)
{
    foreach (string s in args
        .Where(arg => arg.Length > 10) // Essentially any check involving arg (or implying it's not null).
        .Select(Transform) // Transform returns null in some cases.
        .Where(s => s != null)) // s != null gives "Expression is always true" warning.
    {
    }
}
 
private static string Transform(string arg)
{
    return arg.Length % 2 == 0 ? arg : null;
}

Obviously enough, Transform() can return null, rendering the warning misleading (and possibly dangerous). In fact, this example shows a slightly realistic case, as just unconditionally returning null in Transform() has the same consequences.
If I remove the first Where() call, the warning goes away. So it does if I call a similar lambda instead of the Transform() method. Thus, seems like ReSharper doesn't look into the called methods when analysing the code, but why doesn't it even consider that a called method can return whatever it likes to?

Reproduced on VS 2013 with ReSharper 8.1.23.546.