Obviously they wouldn't just dump their entire holding on a...

Obviously they wouldn't just dump their entire holding on a quiet trading day - that would be a dead giveaway and generate market panic, trigger stop losses and algo trading etc. and raise lots of awkward questions. But if I had 150,000 shares I knew I could buy back at a 25% discount later in the week I'd be on a nice little earner - (especially if I still had faith in the company's fundamentals.)

I wonder why DOW didn't enter a trading halt on Tuesday morning while they investigated this, given that Grant acknowledged on the investor call that it was brought to his attention Monday night. A two day trading halt would have covered them before they made the announcement on Thursday morning anyway. That's the first question the ASX and ASIC should be asking, and it could form the basis of any class action for those who bought shares during that period (which could be expanded to cover anybody effecting during the years of misreporting.)