As I have pointed out previously, the last time the stock was over $0.01 was in 2009.
I believe a lot of people probably wrote the stock off. When those individuals see it is trading above $0.01 when it was below $0.0025 for a long time, I believe that many will sell no matter what the truth of the situation is.
Of course, some people who bought expecting instant gratification will sell at any weakness, but given how long the stock was dead, it should be expected that some sellers will emerge.
What has been said in filings doesn't matter to them.