NEW YORK, June 30, 2008 (PRIME NEWSWIRE) -- 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.