08:52 AM EDT, 05/23/2024 (MT Newswires) -- GigaCloud Technology ( GCT ) said Thursday that a report by short-seller Grizzly Research "lacks merit and contains numerous defamatory, selective, inaccurate, incomplete and misleading statements, speculation, and innuendo."

Earlier this week, Grizzly Research accused GigaCloud ( GCT ) of "misrepresenting its business to inflate key metrics," alleging that GigaCloud's ( GCT ) e-commerce website receives only about 50 visits per month.

GigaCloud ( GCT ) responded that Grizzly Research cited third-party data search traffic, which "does not reflect overall visitor traffic" to the website.

GigaCloud ( GCT ) described the short-seller's claim that the company is not disclosing transactions with related parties due to the alleged lack of website activity as "false and misleading." The company also refuted Grizzly Research's suggestion that sales made through certain entities were not legitimate.

GigaCloud ( GCT ) shares were more than 4% higher in premarket trading.

Price: 31.00, Change: +1.17, Percent Change: +3.93