Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Nov. 13, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises GigaCloud Technology Inc. (“GigaCloud” or the “Company”) (NASDAQ: GCT) investors that the firm has initiated an investigation into possible securities violations and may file a class action on behalf of investors. GigaCloud investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On September 28, 2023, Culper Research issued a report in which they claimed to have identified several significant issues with GigaCloud's public reporting. Among the concerns raised by Culper Research was the assertion that, despite GigaCloud's assertion of operating 14 U.S. warehouses, the company's disclosure indicated just 73 employees across the entire United States, suggesting an average of only 5 employees per warehouse. Additionally, Culper Research alleged that GigaCloud's promotional materials utilized manipulated stock photos to create an image of a highly efficient and rapidly growing operation, but their own site visits to some of the company's warehouses revealed limited activity.
As a result of this news, GigaCloud's stock price experienced a notable decline, dropping by up to 29% during intraday trading on September 28, 2023, thereby causing financial harm to investors.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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