What's Going On With Gorilla Technology Stock Monday?

Gorilla Technology Group Inc. GRRR shares are trading lower on Monday after Citron Research made comments on social media criticizing the company.

The Details: Citron called for the Securities and Exchange Commission to halt trading of Gorilla shares, invoking Rule 10b-5, which prohibits false or misleading statements or omissions of material facts that could deceive investors.

The short-selling firm initially referenced a recent press release from the company, which highlighted a deal worth hundreds of billions with Renato da Cruz Costa. Citron asserts that Costa is involved in at least 18 lawsuits in Brazil, including some related to embezzlement and financial default, as reported by Brazilian media.

Citron noted that if the individual in question is a different Renato Costa, it apologizes, but it maintains that the company’s claims are questionable.

The firm also questioned Gorilla Technlogy CEO’s claims that its upcoming token valuation will reach trillions. Additionally, it questioned how analysts can endorse a company that declares itself a global leader in AI-driven solutions while its Research and Development spending is minimal.

Benzinga has reached out to Gorilla for comment on the matter.

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GRRR Price Action: At the time of writing, Gorilla shares are trading 9.3% lower at $30.44, according to data from Benzinga Pro.

Image: This illustration was generated using artificial intelligence via Midjourney.