An investigation on behalf of investors in G-III Apparel Group, Ltd. (NASDAQ:GIII) shares over potential wrongdoing at G-III Apparel Group, Ltd. was announced.
San Diego, CA -- (SBWIRE) -- 03/16/2023 -- An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at G-III Apparel Group, Ltd.
Investors who purchased shares of G-III Apparel Group, Ltd. (NASDAQ: GIII) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain G-III Apparel Group, Ltd. directors breached their fiduciary duties and caused damage to the company and its shareholders.
New York based G-III Apparel Group, Ltd. designs, sources, and markets women's and men's apparel in the United States and internationally. G-III Apparel Group, Ltd. reported that its Total Revenue rose from over $2.05 billion for the 12 months period that ended on January 31, 2021, to over $2.76 billion for the 12 months period that ended on January 31, 2022, and that its Net Income over those respective time periods rose from $23.54 million to $200.59 million.
On December 1, 2022, -III Apparel Group, Ltd. announced third-quarter operating results. Morris Goldfarb, G-III's Chairman, and CEO stated 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".
Shares of G-III Apparel Group, Ltd. (NASDAQ: GIII) declined from $21.69 per share on November 23, 2022, to as low as $12.73 per share on December 22, 2022.
Those who purchased shares of G-III Apparel Group, Ltd. (NASDAQ: GIII) have certain options and should contact the Shareholders Foundation.
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