Given the share price has fallen from $3+, I'm sure the Melb/Syd lockdown/potential lockdown were more than overly priced in.
I think the reasons for the share price underperformance are:
1. This is a highly illiquid stock. Except for days with price sensitive annoucements such as 17/5 The Fin Review article, 25/5 Market update, 27/5 Wilsons selling shares ..., there are not much trading going on. 142k shares traded today as at the time of writing, that's 0.17% of the company. This stock also tends to have very wide bid-ask gap, so price movement tends to be more extreme.
2. Tax loss selling. 5 more trading sessions till the EOFY. Share price has hit 12mth low, most people would have heaps of cap gains this FY after last year's market collapse. Why not sell this underperformer and pay less taxes. Geoff Wilson has probably been dumping stock on the market. He bought a lot of shares between $2.80 - $3.20, plenty of tax losses there.
3. We're in a blackout period before the August reporting season. Also, there has been no update RE the lawsuit. No news => uncertainty => overreaction, perhaps?
It'd be interesting to see how this stock performs in FY22
