NEW YORK, Jan. 21, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in G-III Apparel Group, Ltd. (“G-III” or the “Company”) GIII. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.
The investigation concerns whether G-III and certain of its officers and/or directors engaged in securities fraud or other illegal business practices.
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On December 1, 2022, G-III reported its third quarter financial and operating results. Among other things, G-III reported that “higher stock levels were due to our accelerated production calendar, which anticipated longer lead times in the supply chain. Our stock consists of current purchases and is managed by our order book. During the quarter, higher inventories created logistical challenges in our distribution centers. This resulted in a significant non-recurring charge in the third quarter that exceeded our expectations and negatively impacted our bottom line by approximately $0.40 per diluted share.”
As a result of this news, G-III’s stock price fell $9.66 per share, or 44.66%, to close at $11.79 per share on December 1, 2022.
The Pomerantz law firm, with offices in New York, Chicago, Los Angeles, London and Paris, is recognized as one of the leading law firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as Dean of the Class Attorney’s Association, the Pomerantz firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz law firm continues the tradition he established and fights for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm has recovered numerous multi-million dollar claims on behalf of group members. See www.pomerantzlaw.com.
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