GIL Shareholder Alert: Gildan Activewear Inc. Securities Class Action Lawsuit - Investors With Losses May Contact Levi & Korsinsky

Important Information Regarding Section 20(a) Individual Liability Claims: the lawsuit seeks to hold Gildan's chief executive and two successive chief financial officers personally accountable for SOX-certified annual reports allegedly inflated by channel stuffing.

NEW YORK, Oct. 28, 2026 /PRNewswire/ -- Levi & Korsinsky, LLP alerts investors in Gildan Activewear Inc. (NYSE: GIL) that a pending securities class action names Chief Executive Officer Glenn J. Chamandy and Chief Financial Officers Rhodri J. Harries and Luca Barile as individual defendants. The case asserts CEO and CFO securities liability, including Section 20(a) control person claims, on behalf of investors who purchased between February 19, 2025 and June 15, 2026. Find out if you may be eligible to recover losses or contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.

Gildan shares fell $11.63 per share, an 18.7% single-session decline, on June 16, 2026. That was the day a short seller report accused the apparel maker of stuffing its distributor channel. The window to apply for lead plaintiff closes on December 14, 2026.

The Named Individual Defendants

Chamandy served as CEO and President for the entire Class Period. He held that role after a board seated through a shareholder proxy contest reinstated him on May 24, 2024, months after the prior board terminated him in December 2023. The complaint charges that this prior termination supports an inference that he acted with scienter.

Harries served as Executive Vice-President, Chief Financial and Administrative Officer until January 1, 2026. On that date he was succeeded by Barile, who previously served as CFO, Sales, Marketing and Distribution.

Alleged Section 20(a) Control Person Liability

In practical terms, Section 20(a) allows investors to pursue senior officers personally when those officers allegedly controlled a company that violated the securities laws. The pleading asserts that each executive:

• Participated directly in managing Gildan at the highest levels, including its day-to-day operations
• Had access to confidential information about the Company's business and operations
• Was involved, directly or indirectly, in drafting, reviewing, or disseminating the challenged statements
• Helped oversee or implement Gildan's internal controls over financial reporting
• Knew of, or recklessly disregarded, the alleged falsity of statements issued on Gildan's behalf

Gildan itself is alleged to be liable for the executives' acts, with their alleged scienter imputed to the Company.

"Corporate officers have a duty to ensure their companies' public statements are accurate and complete. The complaint alleges that Gildan's chief executive and two successive chief financial officers signed annual certifications while sales were allegedly being pulled forward from future quarters. Shareholders are entitled to ask what those officers knew when they signed." -- Joseph E. Levi, Esq.

Sarbanes-Oxley Certification Obligations

Certifications of the kind required under SOX Sections 302 and 906 put the signing officer's name behind a company's financial reports. As averred, Chamandy and Harries signed the certifications attached to the 2024 annual report on Form 40-F, filed February 19, 2025. Chamandy and Barile signed those attached to the 2025 annual report, filed February 26, 2026.

The short seller report quoted in the action also stated that the three seniormost members of Gildan's Ethics and Fraud Compliance Committee had apparently resigned after the 2024 board overhaul.

Submit your information to learn more or call (212) 363-7500.

Levi & Korsinsky, LLP is a nationally recognized shareholder rights firm. Over the past 20 years, the firm has secured hundreds of millions of dollars for aggrieved shareholders. Ranked in ISS Top 50 for seven consecutive years.

Frequently Asked Questions About the GIL Lawsuit

Q: What court was the GIL class action filed in? A: The case was filed in the United States District Court for the Northern District of New York, governed by the Private Securities Litigation Reform Act of 1995.

Q: Who are the defendants named in the GIL lawsuit? A: The complaint names Gildan Activewear Inc. and individual defendants including senior executives who signed SEC filings, made public statements, or certified financial disclosures under Sarbanes-Oxley. The individual defendants are Glenn J. Chamandy, Rhodri J. Harries, and Luca Barile.

Q: What is the GIL class action lawsuit about? A: A securities class action has been filed against Gildan Activewear Inc. (NYSE: GIL) alleging materially false and misleading statements between February 19, 2025 and June 15, 2026. Shares fell approximately 18.7% after a June 16, 2026 short seller report alleged that Gildan had been stuffing distributors with excess product to create the appearance of organic revenue growth. Investors who purchased shares during the Class Period and suffered losses may be eligible to seek compensation.

Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.

Q: What happens after I contact Levi & Korsinsky? A: An attorney will review your trading history at no cost and provide an initial assessment of your potential eligibility.

Q: What if I already sold my GIL shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.

Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. If there is a settlement or recovery, eligible class members generally submit a claim form to seek their portion.

Q: What if I live outside the United States? A: U.S. securities class actions generally cover purchases on U.S. exchanges regardless of the investor's country of residence.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
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SOURCE Levi & Korsinsky, LLP