US - The Police and Fire Retirement System of the City of Detroit has filed a class action lawsuit against clothes manufacturer Gildan Activewear.
As a result of this misinformation, the company's stock price was artificially inflated between 2 August 2007 and 29 April 2008, the retirement system alleged.
Pension funds which invested in the same period wishing to take lead plaintiff status in the case should apply to the US District Court for the Southern District of New York by 1 August 2008.
Scott & Scott have been appointed as counsel to the Detroit pension fund.
Gildan Activewear was contacted, but had not responded at the time of going to press.
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