Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Encore Capital Group (Nasdaq: ECPG) didn't just plunge today. They fell off a cliff at 12:04 p.m. ET, when sellers crashed through the market.

So what: The news of the day was accusations from Minnesota's attorney general that Encore "robo-signed" affidavits. That news caused someone to panic, selling nearly 90,000 shares, an average day's volume, in just two minutes.

Now what: Shares have recovered nicely and are trading down 2.6% as I write. Apparently, the panic didn't spread past one big seller, but the accusation from the attorney general isn't exactly a buy sign for investors. All 50 state attorneys general are looking into robo-signing, and this will not be the last we hear of the subject.

Interested in more info on Encore Capital? Add it to your watchlist.

Fool contributor Travis Hoium has no position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings, or follow his CAPS picks at TMFFlushDraw.

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