Schatz Nobel Izard P.C. Announces Class Action Lawsuit Against Gildan Activewear, Inc.

HARTFORD, Conn., June 2, 2008 (Lawfuel) — The law firm of
Schatz Nobel Izard P.C., which has significant experience representing
investors in prosecuting claims of securities fraud, announces that a
lawsuit seeking class action status has been filed in the United States
District Court for the Southern District of New York on behalf of all
persons who purchased the common stock of Gildan Activewear Inc.
(“Gildan” or the “Company”) (NYSE:GIL) between August 2, 2007 and April
29, 2008, inclusive (the “Class Period”).

The Complaint charges that Gildan and certain of its officers and
directors violated federal securities laws by issuing 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.

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. On this news, shares of the Company’s stock
fell $10.99 per share, or 30%, to close at $24.93 per share.

If you are a member of the class, you may, no later than August 1,
2008, request that the Court appoint you as lead plaintiff of the
class. A lead plaintiff is a class member that acts on behalf of other
class members in directing the litigation. Although your ability to
share in any recovery is not affected by the decision whether or not to
seek appointment as a lead plaintiff, lead plaintiffs make important
decisions which could affect the overall recovery for class members.

While Schatz Nobel Izard P.C. has not filed a lawsuit against the
defendants, to view a copy of the Complaint initiating the class action
or for more information about the case, class action cases in general,
and your rights, please contact Schatz Nobel Izard P.C. toll-free at
(800) 797-5499, or by e-mail at [email protected], or visit our website:
www.snilaw.com.

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