Updates

** U.S.-listed shares of Canadian apparel maker Gildan Activewear GIL.TO, GIL.N down as much as 24.9% at $46.55, lowest since August 2025

** Stock set for its worst day since March 2020, if losses hold

** Jehoshaphat Research says it is short on GIL, noting that the firm's "true" organic growth is negative, contrasting sharply with its appearance of revenue growth

** Short-seller also says co has been “stuffing” distributors and customers with product far in excess of underlying demand; adds acquisition of Hanes presents additional challenges

** "We believe this misleading picture of organic growth started to form around 2024, following the mass resignation of the GIL board of directors" - Jehoshaphat Research

** Gildan Activewear says it "is confident that its current disclosure provides its investors with accurate and comprehensive information regarding Gildan, including with respect to its financial information and governance practices"

** GIL's current market value is $11.47 billion, as per LSEG data

** As of last close, stock down ~5% YTD