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Case ID: 5114 | Stocks | 07/21/2008
According to a law firm press release, plaintiffs filed a class action complaint against Gildan Activewear Inc. on June 2, 2008.
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.
At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest Teaching people news skills is big business these days. Several class actions have been filed against postsecondary education provider Career Education Corporation (Nasdaq: CECO) and certain of its officers and directors by stockholders who purchased the company's common stock between January 28, 2003, and December 2, 2003. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A class action has been filed in the District Court of New Jersey against MedQuist, Inc., a New Jersey based transcription service provider, (MEDQ.PK) and certain of its officers and directors by stockholders who purchased the company's common stock between April 23, 2002 and November 2, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. Several class actions have been filed against enterprise incentive management software company Callidus Software, Inc., (Nasdaq:CALD) and certain of its officers and directors by stockholders who purchased the company's common stock between November 19, 2003, and June 23, 2004, including those who acquired their shares pursuant to the company’s November 2003 initial public offering. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A class action has been filed against Pegasus Communications Corporation (PGTV), certain of its officers and directors by stockholders who purchased the company's common stock between November 10, 2000 and June 2, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. According to a press release dated August 8, 2008, the complaint charges Reddy Ice and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Reddy Ice is the largest manufacturer and distributor of packaged ice in the United States.
Financing your retirement can be a very frightening, and dangerous, thing if you don't know what you are doing. A class action has been filed against Salomon Smith Barney, Inc. and certain of its agents on behalf of a group of North Carolina BellSouth retirees who allege that the company gave them faulty financial planning advice in violation of state consumer protection laws. |
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