GIGACLOUD INVESTOR DEADLINE APPROACHING
- None.
- The lawsuit could negatively impact investor confidence in GigaCloud's financial transparency and corporate governance.
Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In GigaCloud To Contact Him Directly To Discuss Their Options
If you purchased or acquired (i) GigaCloud Class A ordinary shares pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company's August 2022 initial public offering ("IPO" or the "Offering"); and/or (ii) GigaCloud securities between August 18, 2022 and September 27, 2023, and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/GCT.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in
The complaint filed in this class action alleges that in Giga Cloud's Registration Statement, and throughout the Class Period, Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose the following to investors: (1) that the Company's business is a fraction of what it publicly claims, as evidenced by staffing and activity levels at its warehouses; (2) that the Company overstated its last-mile operations; (3) that the Company engaged in undisclosed related party transactions; (4) that, as a result, the Company's financial results were overstated; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
In August 2022, GigaCloud conducted its IPO, selling 3,381,000 Class A ordinary shares at
On September 28, 2023, before the market opened, Culper Research published a report (the "Report") alleging that there were "numerous glaring flaws" in GigaCloud's public reporting. For example, the Report stated that while GigaCloud "claims to run 14 U.S. warehouses," the Company "discloses just 73 employees in the entire
On this news, the Company's share price fell
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding GigaCloud's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FAQ
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