Pardon my ignorance, but what do the quoted numbers mean?
They build rather fake barricade.
edit: depends how the big fish will play, you may see none of these Monday morning. Its probably just a hand of underwriters keeping 80% of that shares. If they withdraw, you may see only 25000 shares at $38, for example [so it will be much easier for the stock to go deeper].
This is the reason IPOs work the way they do, with investment banks underwriting it. They get a large profit (potentially huge profit) in exchange for providing the services of a market-maker in the stock at $38/share.
There was nothing nefarious, just market making.
I mean, do you really believe they were offering $300MM of stock ready to sell on an "open action". They would all shit their pants if someone would have actually execute that.
No, what they did was not illegal, But yes, what they did was unethical and anyone knowing anything about trading will take it as a negative sign in terms of this stock's performance.