Ann: Phosphagenics Receives Further Arbitration Process Update, page-150

There is probably a bit of that.  Initial uptick on people wanting to get set before the award, then traders take over.  Could also be some news has leaked out but personally I doubt this.  If that were the case why would you stop buying (price went up in the morning and down in afternoon). For instance, if I knew the award would equate to 3c / share via capital return I would buy everything up to about 3c.  Anyway, we wont have long to wait for the announcement (hopefully) which will probably shed some light on the matter. DYOR