Mind Bend Theory: Class Action Lawsuit Filed Against GigaCloud (GCT) Over IPO Manipulation

Mind Bend Theory has officially joined the class action lawsuit filed against GigaCloud Technology Inc. (GCT) over its August 2022 IPO.

What Happened?

On August 18, 2022, Mind Bend Theory purchased shares of GigaCloud during its initial public offering (IPO). But upon market open, several concerning events unfolded:

Buy and sell buttons were disabled on multiple brokerage platforms, including Moomoo, echoing tactics seen during the GME and AMC trading restrictions.

IPO shares were released at staggered times across different brokers, leading to artificial price imbalances.

Retail investors were effectively locked out from trading, while the price began rapidly moving.

Immediate Response from Mind Bend Theory

During the IPO opening, Mind Bend Theory recognized clear signs of manipulation and took immediate action:

Contacted our broker directly, documenting inconsistencies.

Spoke to other investors across multiple brokerage firms and discovered similar issues—coordinated removals of the buy/sell button, late access, and delayed price feed updates.

At the time, brokers claimed the problem stemmed from the underwriter, but based on patterns and response timelines, Mind Bend Theory knew this was not true.

We believe this was part of a coordinated effort to limit retail participation, similar to the restrictions seen with AMC and GME.

Why This Matters

Mind Bend Theory strongly believes that:

Short-selling brokers feared retail locking up the float, especially with a low-float IPO like GCT.

Limiting retail access gave institutional players time to reposition and suppress early price action.

The massive volatility spike on August 19, where GCT was halted 10 times and surged over 143%, was not organic—it was manufactured chaos following artificial suppression.

Class Action Filed

On July 28, 2025, the class action lawsuit was officially filed against GigaCloud Technology Inc. (GCT) for misleading investors and contributing to an unlevel playing field.

Event: GigaCloud Securities Class Action

Deadline to Submit a Claim: October 6, 2025

Submit Your Claim: https://gigacloudsecuritiessettlement.com

Mind Bend Theory’s Mission

This case is another example of why Mind Bend Theory exists—to investigate, document, and expose market manipulation, and to defend retail investors' rights in a system too often rigged against them.

We encourage all affected investors to submit a claim before the deadline and continue demanding transparent and fair markets.