Browning West Files Lawsuit Against Gildan Activewear And Its Board

(RTTNews) - Browning West, LP, which is a long-term shareholder of Gildan Activewear Inc. (GIL, GIL.TO) and beneficially owns approximately 5.0% of the company's outstanding shares, said it has filed a lawsuit with the Superior Court of Quebec - Commercial Division against Gildan and the company's Board of Directors in order to ensure the rights of shareholders are preserved in connection with the May 28th, 2024 Annual Meeting of Shareholders.

Browning West said it wants to ensure all shareholders have their votes counted and that the Annual Meeting be conducted fairly and legally. As such, it is asking that an independent chair be appointed to oversee the Annual Meeting.

According to the activist fund, the lawsuit asserts that Gildan and its Board have acted in a manner that unfairly disregards the rights and interests of shareholders by pursuing a strategy of entrenchment, obfuscation and disparagement of dissenting shareholders, improperly placing their own personal interests ahead of the interests of the Company and its shareholders.

Browning West said it has filed and commenced the mailing of an information circular.