NEW YORK, Feb. 04, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of G-III Apparel Group, Ltd. (“G-III” or the “Company”) (NASDAQ: GIII). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether G-III and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

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On December 1, 2022, G-III announced its third-quarter financial and operating results.  Among other items, G-III reported that “higher inventory levels are due to our accelerated production calendar, which was in anticipation of longer supply chain lead times.  Our inventory is comprised of current purchases and guided by our order book.  During the quarter, the higher inventory levels caused logistical challenges within our distribution centers.  This resulted in significant one-time charges in the third quarter, that were above our expectations, which adversely impacted our bottom line by approximately $0.40 per diluted share”. 

On 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 Firm, with offices in New York, Chicago, Los Angeles, London, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:

Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980