GigaCloud Technology Inc. Class Action Lawsuit - GCT
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The GigaCloud class action lawsuit seeks to represent purchasers or acquirers of GigaCloud Technology Inc. (NASDAQ: GCT): (a) Class A ordinary shares pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with GigaCloud’s August 18, 2022 initial public offering (“IPO”); and/or (b) securities between August 18, 2022 and September 27, 2023, inclusive (the “Class Period”). Captioned Kinnally v. GigaCloud Technology Inc., No. 23-cv-08381 (C.D. Cal.), the GigaCloud class action lawsuit charges GigaCloud and certain of its top executive officers and directors with violations of the Securities Act of 1933 and Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the GigaCloud class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at email@example.com. Lead plaintiff motions for the GigaCloud class action lawsuit must be filed with the court no later than December 4, 2023.
CASE ALLEGATIONS: GigaCloud is a holding company which, through its subsidiaries, offers an end-to-end ecommerce platform for global trade services of heavy and large products, primarily furniture.
The GigaCloud class action lawsuit alleges that the Registration Statement and defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) GigaCloud’s business is a fraction of what it publicly claims, as evidenced by staffing and activity levels at its warehouses; (ii) GigaCloud overstated its last-mile operations; (iii) GigaCloud engaged in undisclosed related party transactions; and (iv) as a result, GigaCloud’s financial results were overstated.
The GigaCloud class action lawsuit alleges that on September 28, 2023, Culper Research published a report titled “GigaCloud Technology Inc (NASDAQ:GCT): If It’s Too Good To Be True…” alleging “numerous glaring flaws” in GigaCloud’s public reporting. According to the complaint, the report alleges, among other things, that while GigaCloud “claims to run 14 U.S. warehouses,” GigaCloud “discloses just 73 employees in the entire U.S., implying just 5 employees per warehouse.” The GigaCloud class action lawsuit alleges that on this news, the price of GigaCloud stock fell more than 18%.
As of when the GigaCloud class action lawsuit was filed, GigaCloud stock continued to trade below the $12.25 IPO price.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired GigaCloud Class A ordinary shares pursuant and/or traceable to the Registration Statement and/or securities during the Class Period to seek appointment as lead plaintiff of the GigaCloud class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the GigaCloud class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the GigaCloud class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the GigaCloud class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.