Siskinds LLP Announces Tentative Settlement of Gildan Activewear Securities
Class Action

LONDON, ON, Aug. 3 /CNW/ - The law firms of Siskinds LLP and Diaz Reus Targ LLP are pleased to announce the tentative settlement of proposed class actions against Gildan Activewear, Inc. (TSX and NYSE: GIL) and certain of Gildan's senior officers.

The actions, which were filed in the Ontario Superior Court of Justice, the Quebec Superior Court, and the United States Federal District Court for the Southern District of New York, relate to various disclosures made by Gildan in regard to its earnings guidance for fiscal 2008 and its manufacturing facility in the Dominican Republic. The settlement agreement is made without any admission of liability, wrongdoing or fault by the defendants.

The parties to the Ontario, Quebec and U.S. actions have agreed to settle the plaintiffs' claims for US$22.5 million. Eighty-nine percent (89%) of the net settlement fund will be allocated to: (1) persons who reside in Canada and who purchased Gildan shares during the class period of August 2, 2007 to April 29, 2008; and (2) persons who reside outside of Canada, and who purchased Gildan shares over the Toronto Stock Exchange during the class period. The balance of the net settlement fund will be allocated to persons who purchased Gildan shares during the class period over the New York Stock Exchange, and who do not reside in Canada.

The settlement agreement remains subject to the approval of the Courts of Ontario, Quebec and the Southern District of New York. A further notice will be published to advise class members of, among other things, the dates on which the Courts will consider the plaintiffs' motions for approval of the settlement agreement.

Siskinds LLP, one of Canada's leading class action law firms, is counsel to the Ontario plaintiff, Metzler Investment GmbH. Siskinds has successfully resolved more securities class actions than any other law firm in Canada, and is counsel to the plaintiffs in a majority of the class actions filed under Ontario's new investor protection legislation (Part XXIII.1 of the Ontario Securities Act). Diaz Reus & Targ LLP, which is based in Frankfurt, is German counsel to Metzler.

Persons who purchased Gildan shares during the class period may obtain further information by calling Nicole Young of Siskinds LLP at [phone], ext. 2380, or by emailing Ms. Young at [email protected].

For further information: Media inquiries should be directed to A. Dimitri Lascaris at [phone], ext. 7844, or by email at [email protected]