IMO, the majority of shareholders are retail investors after the big score, perhaps enticed by the rapid rise to the $9 peak after the last settlements and Mosaid persuit. As most are "all in" and potential new investors perhaps only see the downtrend in the charts, the price is easily manipulated by those that are accumulating to ensure cheaper shares. The charts are meaningless, IMO, as WiLan has a non-standard revenue stream, to wit you can see from JS's CC remarks below:

James Douglas Skippen - Chief Executive Officer

There are sometimes onetime payment deals and sometimes, there are recurring deals that expire in our roster of 260-plus licenses. So that's the straightforward or the simple answer to why you've seen a little bit of a deterioration in the revenue. But I should add that we don't think that this means at all that our business is deteriorating. We just think this is some of the lumpiness that you sometimes see in patent licensing businesses. And in fact, we think our business has never been stronger. And we sort of think that it's a mistake to focus on these small gyrations in the top line from quarter-to-quarter other than focusing on the incredible strength we have in the patent portfolio that we've developed.

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I am more inclined to put credence to comments from CIBC as per my previous post:

<<<Contrasting this is the fact 2013 is set to become
the largest dollar-figure settlement period since the start of 2011>>>

<<< No value is being given to WIN's licensing pipeline and due to this we believe the shares should be bought now. >>>

<<<Positive News on a Number of Other Fronts

• Excellent capital allocation pays investors while they wait: In 2012, WIN had
earnings of $41 million, cash flow of $34 million and paid out $30 million in
dividends and common share buybacks. This trend continues with a 14% increase in
the dividend from $0.14 to $0.16. WIN's yield is 3.7% and its payout ratio is
47% of 2012 EPS. WIN also announced a 10% stock buyback for ~12 million shares.

• The 10% NCIB is for up to 11.85 million shares. Daily purchases will be
limited to 62K. Current 60-day average volumes are 250K. Over the last 12 months
Wi-LAN has repurchased only 950,000 shares at an average price of $5.18.

• New licensing agreement is small to medium in size: We estimate the signing of
MediaTek to be worth over $10 million>>>