London, United Kingdom — December 9, 2025 — Leads & Copy —
Gorilla Technology Group Inc. has filed a lawsuit against Sigma Global Fund SPC, its Asian High Yield Fixed Income SP and Chi Acquisition Corporation, along with Bradbury Private Investments XVI Inc., alleging stock price manipulation and breach of lawful obligations.
The lawsuit, filed on December 8, 2025, alleges that Sigma and Bradbury obtained substantial shares and rights via Contingent Value Rights (CVRs) and then coordinated to manipulate Gorilla’s stock price downward. This manipulation allegedly triggered a right for Sigma and Bradbury to acquire more shares at no additional cost, harming the company and its shareholders, according to the company’s press release.
Chairman and CEO Jay Chandan stated that the lawsuit aims to prevent market abuse and protect shareholder value, adding that the company is committed to standing up for its investors and ensuring accountability.
The company claims that Sigma and Bradbury received preferential rights, including CVRs, in 2022 during a SPAC merger, designed to compensate them if Gorilla’s stock fell below certain levels. The company alleges the stock lost over half of its value in December 2022 without any clear cause.
An economic analysis firm reportedly found no publicly available information to justify the decline, which in turn triggered distributions of additional shares to Sigma and Bradbury through the CVRs.
The timeline of events leading to the lawsuit includes:
- October 2021: Introduction of Sigma and Bradbury to Gorilla’s management.
- February 2022: Sigma and Bradbury committed to invest up to $50 million in Gorilla upon closing of the merger.
- March 2022: Sigma demanded Gorilla implement a CVR structure.
- May 2022: Gorilla agreed to amend the terms of Sigma and Bradbury’s investment, adding a CVR structure.
- December 2022: Statistically significant declines in Gorilla’s stock performance occurred on three separate occasions, triggering a CVR distribution.
- April 2023: Sigma and its affiliates notified Gorilla CEO, Jay Chandan, of their plans to take over Gorilla through proposals to remove three of the Company’s directors and replace them with individuals nominated by Sigma.
- Summer 2023: An economic analysis firm conducted an investigation into the December stock movements and did not find any publicly available information to explain the abnormal decline.
Gorilla has made the full complaint available to the public and said that it will provide updates as the litigation progresses.
The company said it does not intend to prevent the distribution of shares underlying CVRs held by parties other than Sigma, Bradbury, or their affiliates, or any other party believed to be involved in the manipulative trading activity.
Gorilla had previously announced a distribution of shares to CVR holders as of December 4, 2025, but shares underlying CVRs held by Sigma, Bradbury, or their affiliates are not included. The company also discourages investors from purchasing CVRs in the open market, and cannot guarantee Sigma and Bradbury will not attempt to sell any CVRs they own.
Gorilla Technology Group Inc. is a global solution provider based in London, U.K., specializing in Security Intelligence, Network Intelligence, Business Intelligence, and IoT technology.
Public Relations Contact:
Samantha Dowd and Kiki Tarkhan
Prosek Partners
GRRR@prosek.com
Investor Relations Contact:
RedChip Companies, Inc.
1-407-644-4256
GRRR@redchip.com
Source: Gorilla Technology Group Inc.
