My take on this is somewhat different. A lot of people got on board the IPO. Others bought into it a while later. The show was popular, poker was everywhere, and the stock went up. The problem is that all of those holding a lot of stock can't all get out at once without sending it (a stock with no earnings by the way) into a nosedive. It's a thinly traded stock so you need some news to create interest.
In steps Doyle Brunson who announces a MAJOR buy-out at a RIDICULOUS price. The stock jumps on the news and all of the insiders are able to get out--at inflated prices. The average-joe-sucker who "bought on the news" gets left holding a worthless bag. As soon as it's discovered that there wasn't any real interest in this stock in the first place (and the fact that Doyle's bid was a sham) the stock starts to go back down where it belongs.
This all came to my attention one day when I was looking at charts. Out of curiosity I looked up the WPT stock chart and saw a very interesting pattern.
http://tinyurl.com/8yscc
I got very curious about the sudden run up on HUGE volume and then the subsequent decline. I got to thinking about it and did some research about when Doyle made his announcement. Well, it was no coincidence that the exact top of that chart is when Doyle made his buyout offer.