NEW YORK, Oct. 06, 2023 (GLOBE NEWSWIRE) — Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a class action lawsuit against GigaCloud Technology Inc. (“GigaCloud” or the “Company”) (NASDAQ: GCT) for violations of the federal securities laws on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired GigaCloud securities between August 18, 2022 and September 27, 2023, both dates inclusive (the “Class Period”).
On October 4, 2023, a complaint was filed against the Company and certain of its officers and directors alleging that GigaCloud made false or misleading statements and/or omitted material adverse information in the Company’s Registration Statement and throughout the Class Period regarding the Company’s business, operations, and prospects, including: (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; (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.
When investors learned the truth, GigaCloud’s common stock declined precipitously, injuring investors.
If you suffered a loss of more than $100,000 in GigaCloud’s securities in connection to the Company’s Initial Public Offering or during the Class Period, and wish to participate, or learn more, click here, or please contact our attorneys at (914) 733-7256 or via email to Andrea Farah (afarah@lowey.com) or Vincent R. Cappucci Jr. (vcappucci@lowey.com).
Any investor who wishes to serve as Lead Plaintiff must act before December 4, 2023.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has recovered billions of dollars on behalf of its clients.
Contact:
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7234
Email: investigations@lowey.com
SOURCE: Lowey Dannenberg P.C.
