TezjmIt goes on all the time. There are different reasons why it...

Tezjm

It goes on all the time. There are different reasons why it happens, then main one being I think that that person owns that stock at 3.9c - 4c and whats some bidding to come on and clean him out. It has happened a few times to ITC. IIG is another stock where it happened alot recently with 1-2mill share bids pulled at 5 minutes before open.
If he really wants to churn his stock with what ITC has coming up then I think he should pay up with volume and it will get followed and he can walk away easily.