Gorilla Technology Rejects Fraud and Market Manipulation Allegations, Reaffirms Confidence in Business Strategy
London, UK – March 24, 2025 – Gorilla Technology Group Inc. (NASDAQ: GRRR), a global provider of AI-driven solutions, has issued a strong rebuttal against allegations of fraud and market manipulation. The company, in a press release, categorically dismissed these claims as baseless and attributed them to individuals facing charges from both the U.S. Securities and Exchange Commission (SEC) and the U.S. Department of Justice (DOJ). Chairman & CEO Jay Chandan expressed confidence in the company’s legal standing and asserted that Gorilla Technology would let its results and business strategy speak for themselves. The statement underscores the company’s commitment to transparency and its unwavering focus on delivering innovative solutions to its clients.
The company’s statement comes amidst a backdrop of recent short-selling activities that have impacted its share price. Gorilla Technology’s Board of Directors maintains that the shares are significantly undervalued and reiterates its belief in the company’s intrinsic worth. To demonstrate this conviction, the company plans to utilize remaining funds from its previously announced share buyback program if the share price continues to be suppressed. Further solidifying their confidence, a significant portion of the Board and the entire executive management team intend to purchase shares following the release of the company’s 2024 earnings statement. This collective action underscores the management’s strong belief in the company’s long-term growth prospects and its commitment to shareholder value.
Gorilla Technology, headquartered in London, provides a comprehensive suite of solutions spanning Security Intelligence, Network Intelligence, Business Intelligence, and IoT technology. The company’s offerings cater to a diverse range of sectors, including Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare, and Education. Leveraging cutting-edge AI and Deep Learning technologies, Gorilla Technology empowers its clients to optimize operations, enhance security measures, and bolster resilience. The company’s portfolio includes Smart City solutions, advanced network technologies, intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics, and robust cybersecurity technologies.
The company’s core expertise lies in revolutionizing urban operations and enhancing safety and security within Smart Cities. By integrating AI-driven technologies, Gorilla Technology enables municipalities to improve efficiency, enhance security measures, and strengthen their cybersecurity posture. This commitment to innovation and technological advancement positions Gorilla Technology as a key player in the evolution of Smart Cities and their ability to offer improved quality of life for residents. The company’s focus on integrating advanced AI capabilities into urban environments underscores its dedication to creating safer, more efficient, and more resilient communities.
The press release also included forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995. These statements, which reflect the company’s current beliefs and expectations, are subject to various risks and uncertainties. Factors such as market conditions, regulatory changes, and competitive pressures could cause actual results to differ materially from the projected outcomes. The company cautions investors not to place undue reliance on these forward-looking statements, which are based on the information currently available. Gorilla Technology does not undertake any obligation to update these statements unless required by law or applicable regulations. This cautious approach reflects the dynamic nature of the technology industry and the inherent uncertainties associated with future performance.
This strong response to the allegations, combined with the commitment to share buybacks and personal investments by leadership, signals Gorilla Technology’s unwavering confidence in its business model and future prospects. The company’s focus remains on delivering innovative solutions and creating long-term value for its stakeholders. The market’s eventual recognition of the company’s inherent value, as asserted by its leadership, remains a central theme in Gorilla Technology’s narrative. The company’s emphasis on its business strategy and tangible results underscores its commitment to transparency and its dedication to building a sustainable and successful future.