SAN DIEGO, Dec. 30, 2022 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP (www.JohnsonFistel.com) is investigating whether G-III Apparel Group, Ltd. ( GIII), any of its executive officers, or others violated securities laws by misrepresenting or failing to timely disclose material, adverse information to investors. The investigation focuses on investors' losses and whether they may be recovered under federal securities laws.
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What is Johnson Fistel investigating? On December 1, 2022, G-III 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”.
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