Nah, I don't believe that's what is happening here. Major short selling appears to be what is driving the share price down as the price to book value for FCEL is $1.48 or more. Retail investors own over 51% of the shares currently and as you said someone is buying. I don't see any indication that a "poison pill" is activated. Not knowing FCE's participation in any of this makes it difficult to even make an educated guess.
Retail are buying but that's small, like hundreds of thousands or a couple million at most. These are all shorts trading with each other trying to lower the bid.