Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all purchasers of securities of Gildan Activewear Inc. (NYSE: GIL) ("Gildan" or the "Company") from August 2, 2007 through April 29, 2008, inclusive (the "Class Period").



If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check, Esq. or David M. Promisloff, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbtklaw.com.



The Complaint charges Gildan and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Gildan is a supplier of activewear for the wholesale imprinted sportswear market in the United States, Canada and Europe. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company's Dominican Republic textile facility was underperforming; (2) that as a result, sales of the Company's activewear were performing below expectations; (3) that the Company had materially overstated its financial results by failing to timely write-down an impairment in the value of its inventories; (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the foregoing, the Company's statements about its financial well-being and future business prospects were lacking in any reasonable basis when made.



On April 29, 2008, the Company shocked investors when it announced that it was reducing its second quarter 2008 earnings guidance from $0.42 per share to $0.35 per share, and reducing its fiscal 2008 earnings guidance from $1.85-$1.90 to $1.45-$1.50 per share. The Company stated that this was due to lower than projected unit sales growth in activewear (as a result of a shortfall in production for the Dominican Republic textile facility), a write-down of inventories of discontinued retail product-lines, and additional costs incurred to service mass-market retailers during the integration of retail information systems. Upon the release of this news, the Company's shares fell $10.99 per share, or 30.6 percent, to close on April 29, 2008 at $24.93 per share, on unusually heavy trading volume.



Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.



For more information about Schiffrin Barroway Topaz & Kessler or to sign up to participate in this action online, please visit www.sbtklaw.com.



If you are a member of the class described above, you may, not later than August 1, 2008, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.



CONTACT: Schiffrin Barroway Topaz & Kessler, LLP Darren J. Check, Esq. David M. Promisloff, Esq. 280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at info@sbtklaw.com



SOURCE Schiffrin Barroway Topaz & Kessler, LLP