NEW YORK, June 30, 2008 (LAWFUEL) — The Police and Fire
Retirement System of the City of Detroit has filed a class action
against Gildan Activewear, Inc. (NYSE:GIL) in the U.S. District Court
for the Southern District of New York on behalf of investors who
purchased Gildan stock between August 2, 2007, and April 29, 2008,
inclusive, for violations of the U.S. securities laws. The complaint
alleges that Gildan and certain insiders made false and misleading
statements and material omissions regarding the company’s financial
performance and prospects and, as a result, that the price of the
company’s securities was inflated.
The U.S. securities laws were enacted to protect the integrity of the
country’s financial markets and to ensure the accuracy and timeliness
of financial information disseminated to the domestic and foreign
investing public. Unfortunately, external and internal pressures facing
corporate insiders and board members lead many companies to engage in
business practices that violate the securities laws and mislead
investors.
The securities laws envision pension funds and other institutional
investors having a vital role in enforcing investor rights. The
benefits of the direct involvement of institutional investors in
securities class action litigation has been reinforced in the past few
years. Empirical evidence demonstrates that institutional plaintiff
involvement adds value in increased settlements and larger recoveries.
Detroit is represented by the law firm of Scott+Scott LLP
(scottlaw@scott-scott.com, (800) 404-7770, (860) 537-5537;
http://www.scott-scott.com). Scott+Scott has significant experience
prosecuting major securities, antitrust and employee retirement plan
actions throughout the United States. The firm represents pension
funds, foundations, individuals and other entities worldwide.
Institutional and other investors that wish to serve as a lead
plaintiff in the Gildan class action must file a motion with the court
no later than August 1, 2008.
