The stock is down because it is incessantly being shorted by primarily two ECNs: NSDQ and ARCA. Check level-2 and watch for about an hour. NSDQ is known for naked shorting stocks that have average volumes under 500,000 and are typically under $5.00 (or have the potential of being shorted to under $5.00). There are a few other ECNs that have also piled onto this short target in the last few days: BATS, EDGX (largest known ECN for naked shorting), and EDGA. It is not the object of shares on the ASK that you look for, it is the systematic procedure of re-filling the ASK stack within fractions of a second of the ASK being depleted, followed by simultaneous dumps into the BID to slow down demand. Within seconds of these tactics, a wall at the ASK will prevent the stock from reversing. Retailers do not have the ability to respond within these timeframes. Moreover, these sales are intentionally designed to build a technically bearish pattern to induce frustrated shareholders into selling their holdings and further force the price down. For the 90 days prior to the secondary, the daily volume was 326,000 shares. The last five days AFTER the close of the secondary, the average daily volume has been over 1,000,000 shares -- and most of those sales have been on the ASK, which should have raised the price, not lowered it. I have several 5,000 and 10,000 share test buys/sells, which support my suspicions. When I bought, only 300 or 400 shares of my order would get filled and any sell orders on the ASK mysteriously disappeared in that fraction of a second. A retailer using a broker like Scottrade or Ameritrade doesn’t have the ability to pull their sell orders that quickly. In other words, the ECNs aren’t really trying to short the stock through short sales, they are trying manipulate the price downward through posturing on the ASK.