Seems a bit overdone to me. This stock was over $5.50 the day before it reported last quaters' earnings. Gapped down about 10% at the open after the report. Lost 66% of its value in past 3 months - seems extreme. Look for a reversal soon, likely within a few days. The ride back up to $2.80 will be FAST.
look at the losses the analysts are projecting for the next 6 quarters. Those losses come out of the assets of this company. The decline in the share price is partly the losses that are baked in. But its also that the smartest investors have already deserted this stock. The only recent premise for staying in GNK has been the fervent hope that the larger world economy was on the verge of a turn-around. If that was in the cards, GNK would live.
Companies like GNK are like the canaries in a coal mine. The are the weakest and so the first to keel over when the environment turns bad. Sorry to be the bearer of bad news.