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GCT.US
id: 841

GigaCloud Technology Inc. (GCT) IPO Case

C.D. California
Court
2:23-cv-08381
Case number
18 Aug 2022
Class period Start
27 Sept 2023
Class period End
04 Dec 2023
Lead Plaintiff motion deadline
On September 28, 2023, Culper Research published a report alleging “numerous glaring flaws” in GigaCloud’s public reporting.
  • The Report 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.”
  • The Report also alleged that “GigaCloud’s marketing materials utilize photoshopped stock photos to portray itself as a highly efficient, growing operation,” but that Culper Research’s investigators visited some of the Company’s warehouses and discovered little activity.
  • The Report alleges that Culper Research uncovered “numerous entities which are neither named subsidiaries nor disclosed as GCT related parties” whose conduct at the very least “suggests undisclosed related party issues.”
On this news, $GCT fell 18% and closed as low as $4.27 per share, a 65% decline from the $12.25 per share IPO price.

Taking all representations into account, shareholders who participated in the IPO have reasons to suspect GigaCloud and involved accountable parties of lying about the true operational and financial metrics of the business.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Shareholder
Investment Bank
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
28 September 2023
Filing date
04 October 2023
Lead Plaintiff Deadline
04 December 2023
Collecting participants…

GigaCloud Technology Inc Class A Ordinary Shares

GigaCloud Technology Inc. provides end-to-end B2B ecommerce solutions for large parcel merchandise. Its marketplace connects manufacturers primarily in Asia with resellers in the United States, Asi...

    Ticker
    GCT.US
    CIK
    1857816
    Sector
    Technology
    Industry
    Software - Infrastructure
    Country
    USA
    Address
    118 Brea Canyon Road, Walnut, CA, United States, 91789