OK - I have to admit, I dropped ERD a long time ago from my watchlist, i.e. I am talking here out of a certain position of ignorance. However, just noticing that you put a lot of bias into your posts ... and I suppose this might be the problem for a lot of the remaining holders.
You say price is dropping without apparant justification. Question - did it ever occur to you that there never might have been a justification for the high price the share used to trade at? From memory - one never could justify the ERD share price using any of the usual formulas based on earnings - i.e. if at all it was investors dreaming up a really huge number for growth, adding a premium for cool technology, another premium for growth hype and multiplying the result with 42.
Markets don't use this rating mechanism forever ...
Potentially markets are just realizing that growth is weak, competition does not sleep and the (cell phone / GPS based) technology is not really rocket science?
What I remember about ERD is that their technology is not outstanding and their market saturation used to be in the US not even close to the top three in the field. I assume this hasn't changed in the last three years or so, has it? ERD have however a long and successful history of disappointing investors ... and their growth rates never have been material for a growth company.
Why would anybody be surprised that SP is dropping? The only surprise I see is - why did it take that long?