ASHRAF IQBAL bought most of his shares in the $2-$4+ range
If you look at his filings, he only has a small stake he bought in the $1.25-$2.00 range, I would say 90% of his position is in the $2-$4+ range. If he was selling over the past 3-4 days he has lost alot of money, If this is the case, he has more money then brains? I think someone purposely drove the price down to try to buy the rest of the company in a hostile takeover, with it trading in the $4-$5 range it was to costly, would have cost $8-$10 to buy them, now they can come in with a $5 offer and get approval IMO.
So we have our answer. The seller was Ashraf Iqbal on 11-19 who sold over 2 million shares at an average price of $1.84 according to the s4 filing. So why? and why after the earnings call? The good news is that the market has absorbed this size quite well. I imagine a selloff on this news from the fast money crowd who will now want to go away. I will also guess that he was part of the November 20 selling that occurred and will file tomorrow. I believe you have 5 days to file. Glad he is not my money manager.
I don't think Ashraf sold at all. Thurs was the biggest volume day and if he was selling then he would have had to file a form 4 by now. No form 4's have been filed by any of the major holders, so that leaves the question who was doing all the selling?