There is a huge difference if you ask me:

First, management members are not just regular investors: they have deep knowledged about lots of what is going on behind the scenes.

Second, it is the management actions that caused this free fall of the shareprice; they can come with lots of excuses, but the facts remain; they should do something to show confidence and support a higher share price.

Third, it is management's duty to increase shareholders' value. There would be a completly different outcome if they buy shares in open market, or if they exercise part of their tons of warrants/options at higher price than the current one, vs whether you or I or any other regular shareholder would buy shares in open market (which actually happens every day, and we all see where the shareprice stands)