That may be true for you, and possibly true for many investors, but it doesn't make any sense to me. The stock repurchase was always on contingency, and it was intended to support the pps, not due to an oversized float, etc. On the contrary, the float is relatively small.
So when the pps went from $7-22 shortly after the program was set up, the last thing I would want the management to do is chase the bid UP. The stock nearly tripled, why would they buy shares?
I understand that there is a 'guilty until proven innocent' dynamic at play here, so perhaps the management should be more sensitive to anything that can be perceived as a credibility issue. But should they have bought back shares as the stock tripled, just to avoid this condemnation? I'm not sure I would view that as a good move, personally.
People forget that the management team is running the company day-to-day, not staring at the stock price. They are utterly confident in their business - they are counting the real cash flow, expanding the real business, etc. - so maybe they don't care so much about short term perceptions but are making day-to-day decisions that are in the best interests of the business. That would favor long term shareholders, I believe they have stated that is their interest.
