Yes and no. It wouldn't be hard to side stepped the regulations regarding big firms working together. All they gotta do is say meet for drinks, discuss their intents, and then just agree to work off each other to hit a target.
Yes, directly working together is illegal, I'm sure they aren't talking on the phone while they are doing it, but they are doing it.
The watchdogs don't investigate every trade...
Say 5 group leaders got together for drinks, came up with a plan, and then the next day to week, those 5 people got say 20 people each to sell. That could effectively drive the price down. The same people 5 people telling their 20 followers to buy would drive the price up.
There are many people willing to skirt or even break the rules, when there is money to be made... and imo, it happens regularly.
$TPAC pps is now at the level it has traded at for years, very low risk at this point, imo.
Glta