Of course it is. It was a highly shorted stock (over 3 million shares) and good news came out of no where. All those guys who shorted the stock and $2.60 thinking it will go to $2 are panicking and trying to cut their losses. Until I see volume reach over 3 million shares I'm going to assume it's coming from all the shorters buying to cover.
part could be short squeeze, but this is more than that. why? only 3 mil. shares short. you don't have 100% of the shorts cover in a day, or 50% or even 25%. plus, they could have covered on Friday. looks like an acquisition is in the works.