This was fraudulent activity, although the reason is not quite apparent yet:
1) Insiders purchased shares about a month ago at about 25% higher prices.
2) Couple of weeks ago the told as that they will try to acquire financing but the were uncertain of the outcome. Uncertainty drives stock down.
3) someone leaked info about pulling back on the financing deal to Forbes stocks crashes.
4) They come out stating that they pulled back because financing is not needed! Seriously, then why did you apply for it in the first place?
Someone needs to be prosecuted and accounted for this "supposedly amateurish" management . Make sure you put in your complains with the SEC
blatant fraud. It smells to high heaven. Worst thing is that they can get away with it. Yes, I am short and I would have covered today in the 11s or even at EOD. now I have to sit all weekend and wait for 13 or 14.
I take it you are short? It's too bad that the ruling regime hates short sellers - unless you're short gold. They love to depress the price of gold. If you want to short something, consider shorting GLD.