Gigacloud Technology falls as Grizzly Research publishes bearish report

** Shares of Chinese e-commerce firm Gigacloud Technology GCT fall 9.4% to $28.5 after Grizzly Research publishes a bearish report

** Stock fell as much as nearly 20% earlier in the session

** Grizzly Research alleges that GTC inflates key metrics and that its web traffic "does not square with its growth story"

** Grizzly Research believes GCT operates several shell companies to exaggerate marketplace growth

** Gigacloud Technology did not respond immediately to a Reuters request for comment

** Short seller Cupler Research revealed a short position in the company last year, saying "its business is a fraction of what it has claimed"

** Up to last close, GCT had risen 72% YTD