If this is so, then it constitutes price manipulation, which...

If this is so, then it constitutes price manipulation, which would draw the attention of ASIC. A friend of mine incurred the wrath of ASIC last week for price manipulation of a kind which would not come anywhere close to what you are suggesting with ARQ. He was trying to prove a point that he could draw out a buyer in a moribund stock with a couple of sell orders at a higher level than the going price; it encouraged some more sellers who sensed blood, and the buyer took the bait. Fortunately for my friend, he did not profit from the action.

If you think what you say is true, then as a shareholder, back it up with a complaint to ASIC.