Recently, Binh Thanh Import-Export Production and Trading Joint Stock Company (HOSE: GIL - Gilimex) has reported and confirmed the US court's ruling related to the dispute with Amazon.
Accordingly, the Southern New York Federal Court rejected all of Gilimex's lawsuits against the US e-commerce giant. According to the ruling, Gilimex is also at risk of having to pay lawyer fees and arising legal costs to Amazon.
Unfavorable information from the lawsuit quickly impacted the diễn biến of GIL shares. In the last two trading sessions since July 10, on the stock market, GIL shares continuously suffered a "white buyer" situation and the stock price fell below par value.
Closing the trading session on July 13, GIL shares decreased by 6.95% to the floor price of 9,910 VND/share with a floor selling surplus of nearly 1.9 million units.
Responding to the ruling, Gilimex admitted that the initial results did not meet expectations, but said it respected the procedural process.
The company will take further steps, including the right to appeal as prescribed by law, to protect the legitimate rights and interests of the company, thereby protecting the legitimate interests of shareholders and related parties," Gilimex said in a press release.
Regarding business operations, Gilimex said that production activities, delivery progress to partners and operations at member units are still stable, closely following the set plan.
It is known that the lawsuit originated at the end of 2022, when Gilimex accused Amazon of suddenly cutting orders after the COVID-19 pandemic, causing the business to bear a large amount of raw material inventory and excess production capacity.
In the lawsuit, Gilimex requested Amazon to compensate hundreds of millions of USD because it believes that the partner violated its business commitments.
