Without warning Gildan Activewear’s CEO was fired by the board of directors — and GIL shares fell 10%. Six months, and $77 million in expenses later, the board was forced to reinstate the CEO.
NEW YORK, April 30, 2026 /PRNewswire/ — Gildan Activewear Inc. (NYSE: GIL) shareholders lost 10% of their investment on December 11, 2023, when the board terminated co-founder and 20-year CEO Glenn Chamandy “without cause” with zero prior warning. Shareholders who lost money on GIL are encouraged to submit their information here. You may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
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 were a Gildan Activewear shareholder and suffered a loss as a result of the old board’s actions, click here to discuss your legal rights. You may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
ABOUT THE FIRM — For over two decades, Levi & Korsinsky has represented shareholders in securities class actions. Ranked in ISS Top 50 for seven consecutive years.
Frequently Asked Questions About the GIL Lawsuit
Q: How much did GIL stock drop? A: Shares fell approximately 10% on December 11, 2023 (from $35.14 to $31.35 or $3.79), after Gildan Activewear’s board announced the abrupt termination of co-founder CEO Glenn Chamandy and the immediate appointment of Vince Tyra. Investors who sold shares after December 11, 2023 at prices that may have been deflated as a result of the board’s actions may be entitled to compensation.
Q: What specific misconduct is at issue? A: The investigation concerns whether Gildan Activewear’s board violated its shareholders rights and oppressed them through a wrongful termination of the CEO Chamandy and then a protracted and unsuccessful proxy battle that ultimately cost $77 million and caused Gildan’s stock price to drop.
Q: Who are the potential defendants to be named in a GIL lawsuit? A: The investigation concerns Gildan Activewear and the members of the old Gildan board of directors responsible for the termination of Chamandy and the conduct of the proxy contest.
Q: What do GIL investors need to do right now? A: Gather brokerage records including purchase and sale dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at jlevi@levikorsinsky.com or (212) 363-7500. No immediate action is required to remain eligible as a class member.
Q: What does it cost me to participate? A: Nothing. Class actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
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SOURCE Levi & Korsinsky, LLP
