It looks like at around 12:40 there was one huge transaction of 2.75M shares sold at $1.15
This is what dropped the price. Since this big volume (almost ten times daily sales) happened in one go, this must indicated that somebody closed big position. Obviously institutional investor. Does it signify anything? Time will tell, I have no clue as to the meaning of this.
Considering that Mary Puma attended her one-to-one conference yesterday, that event may have been used to close some type of sweetheart deal. If the stock jumps 30 cents or drops 30 cents in the near term, I would not be surprised either way.
copywrites - You must be right. It could not possibly be any "many small" guys lined up to buy. It had to be a prearranged deal. Small buyers can't scoop up 2.75 Mil shares in a few minutes. Especially on the down tick. The thing was prearranged maybe as you say during the USB event.
Judging by today stock action, the thing is probably over and done. I would not read much into that transaction except that it dropped the stock price by 10 cents. Probably not for long. The price will be now driven by external catalyst events like new quarterly good or bad results, new sales annuncement or sale of the whole company. I would give it maybe three months for some sort of a resolution.