None of us know the answers to any of those statements.
All I know for sure is that if your professionals were correct in that an accumulation was going on, then they have lost approximately 10% of their investment.
Why not try and offer an explanation as opposed to listing situations that we have no answers to.
I`m not throwing darts, it`s a mystery to me as well, but anyone accumulating that many shares must have thought the bottom was pretty solid.
Maybe it wasn`t an accumulation as your friends suggested.