For those who contacted the SEC demanding an investigation of the trading of Cardium, this is what you need to suggest they investigate:
Dawson James clears their trades through NFS (Fidelity). Since they did NOT actually have the shares from the private offering done at $1.30 at the time of the phase 2B results, the only way they could have shorted the stock would have been to enter orders as "Short sale exempt".
You CAN NOT short stocks and cover the short with the deposit of certificates...so Dawson James would have had to actually write on the sale ticket "short sale exempt" which would have notified the clearing agent that they were NOT shorting the stock, but rather were going to deposit certificates to wash the negative position from the sales.
Since there was NO public knowledge of this secondary as the stock was dropping from $2 to $1.39 on the day of the good news, selling shares one day before the secondary announcement under "short sell exempt" should be investigated under INSIDER trading, as only Dawson James and their investors knew about this secondary.
(This statement is in my honest opinion only and could be totally wrong, it is also protected under the Zenger case, so reach your own conclusions)