Company issues 25 millions shares. Company hasn't made a penny in revenue and has churned through a number of "disruptive" technologies. A "no short" clause has, as is often the case, been legally sidestepped. Or the company has been selling more shares that they haven't PR'ed.
A bit of paint at the end of the day is the only thing separating today's PPS from last year's sub-dime lows.
Is it true? You decide.
Advisory: Semper ubi sub ubi (Latin: Always wear underwear)