Update (4:42 p.m.): Updated with Monday market close information.

NEW YORK (TheStreet) -- NewLead Holdings  (NEWL) continued to plunge Monday on high volume after last week's gains.

The stock closed down 31.52%, or 44 cents, to 94 cents. NewLead had a range of 92 cents to $1.50 for the day. More than 22 million shares changed hands, which easily beat the average volume of 3,554,730. 

Shares exploded more than 305% last Monday and continued to rise until Thursday, when the stock dropped sharply.

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