IMO some thought that many of the 2012 PR's would be partially representive of the 10K i.e. higher revenues and less expenses.  Many average investors didn't realize that 2012's performance was horribile and the the PR's were 95% BS and the latest 10K would reflect that fact.  I think the 10K took many by surprise.  Even some very informed longs were surprised by the allocation of shares.  Those of us who PM and converse and call and email headquarters might not have been too surpriseed but others who might not use the internet or others who still believed those PR's.  IMO the 10K was not fully built into the PPS.