I don't think that's the real reason for the drop.
We have to keep in mind that most people are not going to watch this investment as closely as this board will.
There are many services and some brokers that will send their clients notices when there is insider trading. Many investors will respond immediately to those notices by getting out of their position when there is insider selling. Few will spend the time looking at how significant the selling was ($ wise)... just shares, which again many do not translate shares into money very easily... making 50,000 shares seem like a lot.
That's my opinion of what has happened. I received emails about it and I have a few friends that are/were in this stock solely on my opinion/recommendation and two of them sold without any questions when they got notice.
That's the facts. Many investors are terribly naive about such matters.
So, if you believe you know a bit more about the real situation than the herd mentality... you can become a contrarian and it is usually the contrarian acts (buying when others are selling and selling while others are willing to buy) that produces the profit on the investment.
GLTA -- I'm still BUYING a bit more of WOLV.