Gorilla Technology Group, Inc. (NASDAQ:GRRR) shares are volatile Tuesday. The company announced that it has uncovered evidence of illegal short selling.

The Details:

Gorilla Technology Group announced that it hired a global economic analysis firm to investigate GRRR's stock price volatility, and the investigation has uncovered evidence of illegal short selling, collusion and manipulation.

Gorilla CEO, Jay Chandan, stated, "An investigation by an economic analysis firm with expertise in suspicious trading activity has uncovered compelling evidence suggesting manipulation of our share price. Furthermore, our own review of communications with several of our large shareholders has uncovered evidence of illegal attempts to extort below-market sales of our shares, as well as evidence of illegal attempts at collusion to take activist actions that we believe would harm the company."

Also on Tuesday, Cantor Fitzgerald analyst Brett Knoblauch initiated coverage on Gorilla Tech Group with an Overweight rating and announced a price target of $4.80.

Gorilla Technology Group shares are moving higher on heavy trading volume. According to data from Benzinga Pro, more than 42 million shares have been traded in the session, compared to the stock's 100-day average of 5.83 million shares.

Gorilla Technology Group will release its first half 2023 financial results after markets close on Wednesday, and the company will host a conference call to discuss the results at 8:00 a.m. ET on Thursday.

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GRRR Price Action: According to Benzinga Pro, shares of GRRR are trading 26.5% higher at $1.95 at the time of publication.

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