I think Paivis misjudged the impact that all their recent news would have on the market IMO. I believe they're diluting to fund acquisitions, and I'm assuming they expected there to be a much bigger bounce from all their recent news (AAAA, Detroit, Trustcash) that would have supported the PPS while they diluted to fund Detroit and AAAA. Just a guess.
But I don't think they correctly anticipated the suppressive effect of the online buy restrictions Aturd, eTrade and Scottrade placed on Paivis on demand. I know I keep mentioning that, but I really don't think it got enough attention.
I think we owe a lot of this fall to all the brokers who've prohibited online buying of Paivis.