An investigation for investors in G-III Apparel Group, Ltd. (NASDAQ:GIII) shares over potential securities laws violations by G-III Apparel Group, Ltd. was announced.
San Diego, CA -- (SBWIRE) -- 09/19/2023 -- G-III Apparel Group, Ltd is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of G-III Apparel Group, Ltd. (NASDAQ: GIII), have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by G-III Apparel Group, Ltd. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
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 November 30, 2022, G-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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