There is no 'proof' of either scenario... but this stock is artificially undervalued, undeniably, and there's a reason. One potential reason is a merger, that makes the most sense (whether or not you agree), since they could very easily have been pumping and inflating the PPS while dumping, but that's not what was occuring. The stock was being aquired by a preferred entity at a reduced price, after the dilution required by the convertible warrants was complete.