This is just ASX standard. It is a manipulator and thieves market. ASIC is useless overall as corrupt themselves. Blatant theft by instos and also these kind of companies (small cap mining has many examples) is rampant yet nothing done. They will use the excuse not funded but that is all garbage. Ohh right im not entirely accurate, if you as retail tried pulling same thing then they would probably look your way.
I do wish that other parties could patrol the stock market and put the pressure on such firms you describe. They would never allow it though.