| Company: | Gildan Activewear, Inc. |
| Ticker Symbol: | NYSE: GIL |
| Class Period: | August 2, 2007 to April 29, 2008 |
| Date Filed: | June-2-08 |
| Lead Plaintiff Deadline: | August-1-08 |
| Court: | Southern District, NY |
| Allegations: |
A lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased the common stock of Gildan Activewear Inc. ("Gildan" or the "Company") (NYSE:GIL) between August 2, 2007 and April 29, 2008, inclusive (the "Class Period").
The Complaint charges that Gildan and certain of its officers and directors violated federal securities laws by issuing a series of materially false and misleading statements concerning the Company's financial performance and prospects. Specifically, the Complaint alleges that these statements were materially false and misleading because defendants failed to disclose and/or misrepresented: (i) that sales of Gildan's activewear were performing below internal expectations as a result of a shortfall in production from its Dominican Republic textile facility; (ii) that Gildan was failing to timely write down an impairment in the value of its inventories, thereby materially overstating its financial results; and (iii) as a result of the foregoing, defendants had no reasonable basis for their earnings guidance for fiscal 2008 and other positive statements about the Company and its business.
On April 29, 2008, Gildan issued a press release announcing that it was reducing its earnings per share guidance for the second quarter and full year of fiscal 2008. On this news, shares of the Company's stock fell $10.99 per share, or 30%, to close at $24.93 per share.
If you are a member of the class, you may, no later than August 1, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The Complaint charges that Gildan and certain of its officers and directors violated federal securities laws by issuing a series of materially false and misleading statements concerning the Company's financial performance and prospects. Specifically, the Complaint alleges that these statements were materially false and misleading because defendants failed to disclose and/or misrepresented: (i) that sales of Gildan's activewear were performing below internal expectations as a result of a shortfall in production from its Dominican Republic textile facility; (ii) that Gildan was failing to timely write down an impairment in the value of its inventories, thereby materially overstating its financial results; and (iii) as a result of the foregoing, defendants had no reasonable basis for their earnings guidance for fiscal 2008 and other positive statements about the Company and its business.
On April 29, 2008, Gildan issued a press release announcing that it was reducing its earnings per share guidance for the second quarter and full year of fiscal 2008. On this news, shares of the Company's stock fell $10.99 per share, or 30%, to close at $24.93 per share.
If you are a member of the class, you may, no later than August 1, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
