Most likely, they are just bleeding into every uptick.
Using offshore shorting, the rule is you must cover within the US. So, using a sell-buy-back-cheaper method, it would be possible to produce small rallies that would rail in new investors - and still post a profit on the shorting. But the overall trend would be downward. Lower highs, lower lows...very subtle, and over an extended period of time.
They would also likely employ a "dangling carrot" to keep peeps in the stock - maybe something like.."the 10-K will be out soon!"
Just a thoery.
Next, I predict I will be labeled a short. What a hoot.