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Gildan Activewear, Inc. Summary: On September 16, 2008, the Court consolidated several related class actions, appointed the Institutional Investor Group as lead plaintiff and approved Labaton Sucharow LLC and Coughlin Stoia Geller Rudman & Robbins LLP as lead counsel. On November 17, 2008, the lead plaintiff filed a Consolidated Amended Class Action Complaint. The defendants responded by filing a motion to dismiss on December 19, 2008.
The original complaint charges Gildan and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Gildan supplies activewear for the wholesale imprinted sportswear market in the United States and Canada, as well as in Europe. The Company sells T-shirts, sport shirts, and fleece in large quantities to wholesale distributors as undecorated blanks, which are subsequently decorated by screenprinters with designs and logos. The complaint alleges that, during the Class Period, defendants issued 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. Then, 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. Upon this news, shares of the Company's stock fell $10.99 per share, or 30%, to close at $24.93 per share, on heavy trading volume.
INDUSTRY CLASSIFICATION:
SIC Code: 2300
Sector: Consumer Cyclical
Industry: Apparel/Accessories
| COMPANY/ISSUER NAME: | Gildan Activewear, Inc. |
| COMPANY/ISSUER TICKER: | GIL |
| COMPANY WEBSITE: | http://www.gildan.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| City of St. Clair Shores Police and Fire Retirement System, et al. v. Gilad Activewear, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violations of Federal Securities Laws - Demand for Jury Trial | |||
| Type: Complaint | Date on the document: 6/2/2008 | ||
| Stipulation And Order | |||
| Type: Order | Date on the document: 07/11/2008 | ||
| Motion Of The Institutional Investor Group For Consolidation, Appointment As Lead Plaintiff And Approval Of Selection Of Lead Counsel | |||
| Type: Motion | Date on the document: 08/01/2008 | ||
| Consolidation Order | |||
| Type: Order of Consolidation | Date on the document: 09/16/2008 | ||
| Amended Order | |||
| Type: Order Appointing LP/LC | Date on the document: 10/02/2008 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| In Re Gildan Activewear Inc. Securities Litigation | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Consolidated Amended Class Action Complaint For Violations Of Federal Securities Laws | |||
| Type: Complaint | Date on the document: 11/17/2008 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 1/27/2009 | ||
| Opinion and Order | |||
| Type: Order | Date on the document: 07/01/2009 | ||
| OTHER DOCUMENTS | |||
| Complaint For Violation Of The Federal Securities Laws | |||
| Case Name and/or Number: The Police and Fire Retirement System of the City of Detroit, et al. v. Gilad Activewear, Inc., et al. | |||
| Type: Complaint | Date on the document: 06/25/2008 | ||
| Class Action Complaint | |||
| Case Name and/or Number: Alejandro Alegre, et al. v. Gilad Activewear, Inc., et al. | |||
| Type: Complaint | Date on the document: 07/03/2008 | ||
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