BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of GigaCloud Technology Inc. (“GigaCloud” or the “Company”) (NASDAQ: GCT) investors concerning the Company’s possible violations of federal securities laws.
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.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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