When price can't be completely controlled (I don't think we're going under a penny again no matter what they do... I just think MMs don't own enough shares) I think the next best thing is to create volatility and scare people of and create confusion about what the actual value is (especially when good news comes). That could be what's going on.
It could be stop-limits though. If so, this is a great reminder not to have 'stop-limit' (but rather just 'limit') orders on thinly traded items. If someone had a stop-limit order to sell if the price hit $0.03, then if the price hits $0.03 it triggers a market sell. That's not good when there may only be garbage bids out there. Don't do stop-limits on this ticker!
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