In re Gildan Activewear Inc. Securities Litigation
In a case involving allegations of artificially inflated stock prices, as co-class counsel, we secured a cross-border $22.5 million settlement.
On March 2, 2011, the Honorable Harold Baer, Jr. of the United States District Court for the Southern District of New York granted final approval to the $22.5 million settlement in the U.S. class action In re Gildan Activewear Inc. Securities Litigation, No. 08-cv-05048-HB (the "U.S. Action"). The settlement also resolves related actions in the Ontario Superior Court of Justice and the Superior Court of the Province of Quebec.
Labaton Sucharow is the Court-appointed co-class counsel for lead plaintiffs City of St. Clair Shores Police and Fire Retirement System, Norfolk County Retirement System, City of Pontiac Policemen's and Firemen's Retirement System, and City of Detroit Policemen's and Firemen's Retirement Systems and the Class in the U.S. Action.
The U.S. Class alleged that Gildan Activewear, Inc. ("Gildan") and certain of Gildan's senior officers (the "Defendants") misled investors by making misrepresentations and omissions to the investing public concerning its earnings guidance for fiscal 2007 and its manufacturing facility in the Dominican Republic, which had the effect of artificially inflating Gildan's stock price. The Defendants deny these allegations and deny that they have violated any laws or duties to the Lead Plaintiffs or the class members. The settlement agreement is made without any admission of liability, wrongdoing or fault by the Defendants.
If you purchased or otherwise acquired Gildan common stock during the period between August 2, 2007 through April 29, 2008, inclusive (the "Class Period") and either: (i) are now or were at the time of the purchase or acquisition a U.S. resident or (ii) purchased or otherwise acquired such shares on the New York Stock Exchange, you may be eligible to recover in the U.S. Action if you submit a Claim Form with supporting documents by March 10, 2011.
The deadline for objecting to the settlement or for seeking exclusion from the U.S. Class was January 10, 2011. A Settlement Hearing was held on March 2, 2011, at 10:00 a.m. before Judge Harold Baer, Jr. in Courtroom 23B of the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007.
Copies of the Summary Notice, Long-Form Notice, Claim Form and the U.S. Preliminarily Order for Notice and Hearing in Connection with Settlement Proceedings can be accessed by clicking on the links to the right.