Essentially, yes, the factors that create investors' perceptions are more complex than that, but the bottom line is if perceptions are negative, no matter what the company does or fails to do, the PPS will usually decline. If perceptions are positive, the PPS will rise.
Perceptions might be obtained in the limited example path you outlined, but how many investors of the masses do that? In my experience in the pennies, investors will generally visit message boards to get a feel for the stock and company. If the air is negative, they often just move on. If the air is positive, they will conduct deeper DD, then decide to invest or move on. The impact of a visit to message boards on investors' perceptions carries a lot more weight than people think or want anyone to know.