GM, you are asking me to speculate, so here it goes.  If Hollund is buying back shares, that is one transaction that might be done at market in an attempt to acquire shares.  Someone still would need to sell shares, and a market maker could arrange that sell in advance, but not report the sell until later (this happens all the time, and even goes on after hours and is reported as a T trade).  By reporting the sell when everything is looking good, the market maker can keep investors worried, and that keeps share prices in a tight but low range.  This is really the only scenario that makes sense to me right now.