Remember Ladenburg Thalmann, the underwriter, has contractual obligation to buy all the stock offered in the upcoming offering. Their goal is to on-sell it to their clients. How to better to sell it to clients...keep the price down, easier to convince them that it is a bargain. Best case is that clients like the deal so much that they bid it up and support the stock price (buy more on the open market). LT and clients and company all get what they want.

So how does LT keep the price down? They short it. And they can short essentially risk free with stock they are guaranteed from over-allotment allocation, typically 10-15% of the advertised offering.

So yesterday and today big block dumps..........connect the dots.