Selling was below the usual daily average. In a red-red stock market like today and the last couple of days if this company was in trouble then we could have seen today's volume in the millions and dumping. But we did not. In fact people tried to maintain their posisions in SIPX as the numbers show.
Today's Volume: 134,949 Avg Vol (3m): 249,045
DOW down -77.17 points NASDAQ down -18.12 points
Some people probably sold some to cover marging calls.
For example I sold a small portion I needed to cover. I still have the majority. Th ebuyers and the MMs know that in a down market so they bid extremely low. I hope I can buy it back Monday if the general stock market sentiments improve.
"Why were all these people and companies buying [SIPX] at such high prices?".
I did for the same reason as they did. I think they bought in that fair market price and they believe the price will go up. I am sure they did better homework than you and me can do. They get access to the even small details. They are not stupid.
Now this over-reaction to accounting misstatement the crowed paniced and over-reacted. Read carefully. In their accounting they did not hide things, they simply reported everything but they made mistakes in classifying appropriately some categories of their sales.
As for the class actions from some unemployeed lawyers... who cares. They do it all the times -- looking for excuses to scam out anything they can. Most of the times they come out empty handed but the shareholders they get always nothing from it anyway.
I think this stock will move all of a sudden some day, back to their previous levels.