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.
It still looks like a short raid. Iqbal began selling in the $2.40s when the stock had already tanked, breaking technical support Most of his selling was in the $1.80s when shorts most likely covered. This is so amateurish on his part that it raises questions. Does anyone know anything about his firm - is it legit?