I think it's because the releases are more of the same. It's a case of "no new news is bad news." Another license but no mention of phase II or whatever else shareholders are looking for.

I agree with fatwollit (I think it was) that only good dollar figures and/or the Patent Office can move this upward.

Since TPL/PTSC refuse to announce dollar figures (and understandably so, if confidentiality is the license agreement), these news releases do nothing positive.

Also, Hoya can't have all that many infringing products. If I read it right, they're an optical lens/glass company.