Levi & Korsinsky notifies investors that it has commenced an investigation into Gildan Activewear Inc. (NYSE: GIL) concerning potential violations of the federal securities laws.
The timeline leading to the December 11, 2023 announcement included no indication of governance disruption. On May 3, 2023, CEO Glenn Chamandy told investors on the Q1 earnings call: "We are playing right where we want to be... we are gaining share in every category... we are outperforming the market." On December 11, 2023, the Gildan board announced it had terminated Chamandy and appointed Vince Tyra to be president and CEO. GIL shares immediately fell 10% in a single session. After a lengthy and high-profile proxy battle in which Gildan spent over $70 million on legal and financial advisors and other costs, shareholders voted to reinstate Chamandy to the board at the annual meeting held on May 28, 2024 and to elect a new board of directors. Vince Tyra (replacement CEO) and the remainder of the old board departed.
If you suffered a loss on your Gildan Activewear Inc. securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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