They have done this before recently, LOTE and LEXG but neither got regulatory attention. I would say if it were not for the media pointing out how ridiculous the valuation had gotten it would still be going on.
LOTE was pretty nasty, in some cases you are talking 1 million shares and half of that was covered in a single day at $9 a share. That remaining half a million block took a month to unwind and by then it had pushed it up over $23 a share.
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