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Yiannis,
Good point. Actually it seems that since the Hummingbird update, the rankings have disappeared. So I am going through all the SEO checkpoints and it seemed that spam backlinks was the viable reason for the site suffering in rankings. There is no notice that the site has been penalized so it appears to be due to the automatic due to the algorithm update. It has been 2 months since clearing the issues, but still no luck in rebounding on the rankings 
One of our websites has been wrongfully tagged for penalty and has literally disappeared from Google. After lot's of research, it seems the reason was due to a ton of spammy backlinks and irrelevant anchor text. I have disavowed the links, but the results are still not rebounding back. Any idea how long the wrath of Google gods will last?