Why GigaCloud Technology Stock Rebounded Today
Shares of GigaCloud Technology (NASDAQ: GCT) were up 13.4% as of 12:30 p.m. ET Friday after the company issued a press release responding to a short-seller's report.
For perspective, GigaCloud stock plummeted nearly 19% yesterday after short-selling firm Culper Research published a critical report claiming -- among other things -- that the Chinese B2B e-commerce specialist has not only misled investors regarding the size of its operations in the United States, but has also overstated the extent of its efforts to leverage artificial intelligence as a competitive advantage in its niche.
"We are short GigaCloud Technology [...] because we believe -- in a playbook reminiscent of the early 2010s 'China Hustle' era -- that the Company's business is a fraction of what it has claimed," Culper's report explained.
Source Fool.com
