According to the Complaint, GigaCloud Technology Inc. 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 Company’s ecommerce platform, which it refers to as the “GigaCloud Marketplace,” integrates discovery, payments and logistics tools to connect manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions, then executes delivery and sale through a network of warehouses up to and including last-mile delivery to the customer.

On August 18, 2022, GigaCloud’s ordinary shares began publicly trading pursuant to the Registration Statement. The Complaint alleges that in the Registration Statement and throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose 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; (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.

On November 22, 2023, the Court issued an Order granting the joint Stipulation to transfer the case. On December 7, the case was transferred in to the District Court for the Southern District of New York.

On January 10, 2024, the Court issued an Order consolidating cases and appointing Co-Lead Plaintiffs and Counsel. All future docketing was ordered to be done in the lead case 23-CV-10645.

Co-Lead Plaintiffs filed an amended Complaint on March 18, 2024. On June 28, Co-Lead Plaintiffs filed a second amended Complaint. Defendants filed Motions to Dismiss the second amended Complaint on August 9.

On January 27, 2025, the Court issued an Order granting in part and denying in part Defendants' Motions to Dismiss.