Gildan Activewear Inc. (NYSE: GIL)

A class action has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Gildan Activewear Inc. (NYSE: GIL) common stock during the period between August 2, 2007 and April 29, 2008 (the “Class Period”). The 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.

If you are a current shareholder or purchased shares between August 2, 2007 and April 29, 2008 and would like to discuss your options of exercising your rights as a shareholder, please contact us.



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