Do soft corals bleach?!

[kris_willard]

Is it normal for a soft coral to bleach? I bought this blueish purple leather two days ago and yesterday it was looking great the poylups were thinking of starting to come out and everything. I got it from the LFS for dirt cheap cuz it is very small. The lfs had it in a 70gal tank with 2 NO florescents right on the substrate so i dont think it had much light. I moved it into my 5.5gal with 56watts of PC. It did great for t he first full day and over night it lost most of its colors. All the other corals in my tank are doing awesome. Im not sure which type of leather this is but i believe it is some type of finger leather. Any help is welcome!
Thanks,
Kris