GigaCloud Technology Inc. Class Action Lawsuit - GCT

If you suffered losses in GigaCloud stock, contact GigaCloud stock loss lawyer Timothy L. Miles about a Gigacloud class action lawsuit

Everything You Need to Know about the GigaCloud Class Action Lawsuit

The GigaCloud class action lawsuit seeks to represent purchasers or acquirers of GigaCloud Technology Inc. (NASDAQ: GCT): (a) Class A ordinary shares pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with GigaCloud’s August 18, 2022 initial public offering (“IPO”); and/or (b) securities between August 18, 2022 and September 27, 2023, inclusive (the “Class Period”). Captioned Kinnally v. GigaCloud Technology Inc., No. 23-cv-08381 (C.D. Cal.), the GigaCloud class action lawsuit charges GigaCloud and certain of its top executive officers and directors with violations of the Securities Act of 1933 and Securities Exchange Act of 1934 .

If you suffered losses in GigaCloud stock and wish to serve as lead plaintiff in the GigaCloud class action lawsuit, please contact GigaCloud Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at [email protected] or by submitting a contact form. Lead plaintiff motions for the GigaCloud class action lawsuit must be filed with the court no later than December 4, 2023.

Allegations in the GigaCloud Class Action Lawsuit

GigaCloud is a holding company which, through its subsidiaries, offers an end-to-end ecommerce platform for global trade services of heavy and large products, primarily furniture.

The GigaCloud class action lawsuit alleges that the Registration Statement and defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) GigaCloud’s business is a fraction of what it publicly claims, as evidenced by staffing and activity levels at its warehouses; (ii) GigaCloud overstated its last-mile operations; (iii) GigaCloud engaged in undisclosed related party transactions; and (iv) as a result, GigaCloud’s financial results were overstated.

The GigaCloud class action lawsuit alleges that on September 28, 2023, Culper Research published a report titled “GigaCloud Technology Inc (NASDAQ:GCT): If It’s Too Good To Be True…” alleging “numerous glaring flaws” in GigaCloud’s public reporting. According to the complaint, the report alleges, among other things, that while GigaCloud “claims to run 14 U.S. warehouses,” GigaCloud “discloses just 73 employees in the entire U.S., implying just 5 employees per warehouse.” The GigaCloud class action lawsuit alleges that on this news, the price of GigaCloud stock fell more than 18%.

As of when the GigaCloud class action lawsuit was filed, GigaCloud stock continued to trade below the $12.25 IPO price.

WHAT IS THE LEAD PLAINTIFF DEADLINE IN THE GigaCloud CLASS ACTION LAWSUIT?

When a securities class action is filed such as the GigaCloud class action lawsuit, the person who files the first complaint is required to publish a notice announcing the filing. Anyone who wants to be lead plaintiff on behalf of the class in the GigaCloud class action lawsuit must thereafter file a motion to be appointed as lead plaintiff(s) no later than 60 days after the notice was published.

WHAT ARE MY CHOICES IF I RECEIVE A NOTICE IN THE GigaCloud CLASS ACTION LAWSUIT?

First, read the notice very carefully. You have two choices. First, you can do nothing and remain a member of the class represented by lead counsel. Second, if you believe you have a large enough loss to justify it, you can opt out of the GigaCloud class action lawsuit and file your own separate lawsuit. Note, that if you opt-out, you will not be able to participate in any settlement or recovery obtained in the GigaCloud class action lawsuit.

IF I RECEIVE A SETTLEMENT FROM FINRA CAN I STILL PARTICIPATE IN THE GIGACLOUD CLASS ACTION LAWSUIT?

Yes, the acceptance of restitution or compensation from a FINRA regulatory settlement does not waive your right to monetary or other benefits through the courts, arbitration, or mediation. Therefore, even if you received a settlement from FINRA, you can still participate in the GigaCloud class action lawsuit.

what is the lead plaintiff process in the GigaCloud class action lawsuit?

If you suffered losses in GigaCloud stock, call a GigaCloud Stock Loss Lawyer about a GigaCloud class action lawsuit

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased and suffered losses in GigaCloud stock to seek appointment as lead plaintiff in the GigaCloud class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.

A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the securities class action lawsuit. An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. If you suffered losses in GigaCloud stock and have further questions, contact GigaCloud stock loss Lawyer Timothy L. Miles today who will fight to recover your damages in a GigaCloud class action lawsuit if you suffered losses in GigaCloud stock.

Can a Non-U.S. Investor Serve as Lead Plaintiff in the GigaCloud Class action lawsuit if they suffered losses in GigaCloud stock?

Yes, courts in the U.S. have consistently recognized that non-U.S. investors, many of whom have substantial holdings, are adequate lead plaintiffs and have the same right to move for lead plaintiffs as U.S. investors. Thus, if a non-U.S. investor suffered losses in GigaCloud stock, they may move the Court to be appointed lead plaintiff in the GigaCloud class action lawsuit.

WHAT RESPONSIBILITIES WILL THE LEAD PLAINTIFF HAVE IN THE GIGACLOUD CLASS ACTION LAWSUIT?

A Lead Plaintiff owes a fiduciary duty to the class, and therefore, must act in the best interest of the class in the GigaCloud class action lawsuit. Some of the responsibilities of the Lead Plaintiff in the GigaCloud class action lawsuit include:

Selecting, monitoring, and overseeing Lead Counsel.
Reviewing and commenting on court filings on behalf of the class.
Discussing litigation strategies with the Lead Counsel.
Attending depositions (if necessary) and giving a deposition.
Attending hearings (if necessary).
Participating in mediation and the trial (if necessary).
Provide input on any decision concerning the settlement of the securities class action.

If I Suffered Losses in GigaCloud Stock, What Are the Benefits of Serving as Lead Plaintiff in the GigaCloud Class Action lawsuit?

Serving as a Lead Plaintiff in the GigaCloud class action lawsuit has several advantages and important benefits including:

A Lead Plaintiff is able to negotiate more competitive attorney fees and reduce other litigation costs by actively monitoring the class counsel.
Lead Plaintiff has the benefit of being able to manage the litigation primarily by overseeing and monitoring the progress of the action and the efforts of counsel, and being able to review and comment on important filings and other documents pertaining to the prosecution of the action.
There is no financial risk in serving as a Lead Plaintiff because Lead Counsel advances all costs and expenses incurred it the prosecution of the case and will be reimbursed only if there is a successful settlement or judgment recovery on behalf of the class.
Lead Plaintiff has the benefit involved and active in all negotiations relating to any settlement.
Lead Plaintiffs that continue owning the stock of the defendant will enjoy the long-term benefits from governance reform resulting from the litigation.

Thus, there are numerous benefits and other advantages to serving as lead plaintiff in a class action against GigaCloud if you suffered losses in GigaCloud stock.

Can I Be Appointed Lead Plaintiff in the GigaCloud Class Action Lawsuit if I Purchased Shares Outside of the Class Period?

No. Even if you suffered losses in GigaCloud stock, if you purchased securities outside of the Class period, you will not be able to participate in the GigaCloud class action lawsuit.

Will the Lead Plaintiffs Get More Money than Class Members if the GigaCloud Class Action Lawsuit?

No, but they may be entitled to recover their reasonable expenses incurred with are directly related to representing the class in the DGigaCloud class action lawsuit. Under the Private Securities Litigation Reform Act of 1995, a Lead Plaintiff is only entitled to his or her pro rata share of any recovery and does not receive any additional money for serving as a representative party on behalf of the class. However, a court, in its discretion, may approve an award of “reasonable costs and expenses (including lost wages)” to a Lead Plaintiff that directly relates to the representation of the class in the GigaCloud class action lawsuit on behalf of investors who suffered losses in GigaCloud stock.

Can I Be Lead Plaintiff in the GigaCloud class action lawsuit if I am Lead Plaintiff in Another Case?

Yes, unless you have been a lead plaintiff in more than five securities class actions during any three-year period which is expressly prohibited by the securities laws. Otherwise, if you suffered losses in GigaCloud stock, you may move to be appointed lead plaintiff in the GigaCloud class action Lawsuit.

Can the Court Appoint More than One Lead Plaintiff in the GigaCloud Class Action Lawsuit?

Yes, at its discretion the Court may appoint a person, entity, or group of persons and/or entities as Lead Plaintiffs to oversee the GigaCloud class action lawsuit.

How Was the Class Period Determined in the GigaCloud class action lawsuit?

In a securities fraud class action, the class period refers to a period of time in which it is alleged the price of the company’s stock was artificially inflated due to false and misleading statements made by company executives. The class period starts when the company makes an untrue statement of material fact about the company or fails to disclose a material fact necessary to render other statements not misleading. The class period ends when the truth is revealed to the investing public through a corrective disclosure.

In order to be a part of the class in the GigaCloud class action lawsuit, you must have suffered losses in GigaCloud stock by purchasing during the class period when it is alleged the price of the stock was artificially inflated to be included in the class action against GigaCloud.

CAN I SELL MY STOCK AND STILL BE A MEMBER OF THE CLASS IN THE GigaCloud CLASS ACTION LAWSUIT?

Yes. There is no requirement for you to retain ownership of the stock after the class period has expired to participate in the GigaCloud class action lawsuit.

How Can a GigaCloud Stock Loss Lawyer Help Me if I Suffered Losses in GigaCloud Stock?

A GigaCloud stock loss Lawyer is well-versed in the complex laws that govern the securities industry and litigation and focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals. Ordinary individual investors, including civil servants, teachers, nurses, and retirees, may need a securities lawyer. In most cases, if they have lost money due to mistakes, incompetence, or fraud by an investment professional.

While FINRA, the SEC, and state securities regulators serve a vital role in protecting investors, they simply have too many individuals, firms, and market transactions to monitor to discover every act of fraud or negligence. Individual investors should consult with a securities lawyer if they have lost money due to fraud or stockbroker misconduct. Look for a securities lawyer with experience, high ethical standards, verifiable credentials, and a trustworthy reputation among his peers and the judiciary, as well as testimonials from previous clients and awards and recognitions.

Call a GigaCloud stock loss Lawyer today if you suffered losses in GigaCloud stock about the GigaCloud class action lawsuit who will fight to recover your suffered losses in GigaCloud stock.

How Do I Know if I am a Member of the Class in the GigaCloud Class Action Lawsuit?

If you purchased shares during the class period and suffered losses in GigaCloud stock, then you are most likely a member of the class in the GigaCloud class action lawsuit and may participate in the GigaCloud class action lawsuit since you suffered losses in GigaCloud stock.