The Law Offices of Frank R. Cruz announces an investigation of GigaCloud Technology Inc. (“GigaCloud” or the “Company”) (NASDAQ: GCT) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On September 28, 2023, Culper Research published a report alleging that it uncovered “numerous glaring flaws” in GigaCloud’s public reporting. For example, Culper Research stated that while GigaCloud “claims to run 14 U.S. warehouses,” the Company “discloses just 73 employees in the entire U.S., implying just 5 employees per warehouse.” Culper Research also alleged that “GigaCloud’s marketing materials utilize photoshopped stock photos to portray itself as a highly efficient, growing operation” but that Culper Research visited some of the Company’s warehouses and discovered little activity.
On this news, GigaCloud’s stock price fell as much as 29% during intraday trading on September 28, 2023, thereby injuring investors.
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If you purchased GigaCloud securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230928357446/en/
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
