Yes, it is, even overtly so. And don't be surprised. Many stock prices are influenced by news to the advantage of the newsmakers. Once they have made they're money, they will move away and the price will gradually recover, as it consistently has in the past following rumors.
We knew 2G chipset shipments were down 6 weeks ago, and they reiterated earnings estimates due to increased 3G shipments. There are no hard facts that dispute the company's earnings estimate. And even if they are way off, they've already been punished 60%, how much less could they possibly be worth if earnings are missed? They do conduct legitimate business and have accounting verified by PWC.