Gilimex (GIL) Stock Hits Floor After Losing Amazon Lawsuit in New York Court

Overview

Gilimex (GIL) stock hit the daily limit-down on the HoSE after a US federal court dismissed its lawsuit against Amazon, ruling that the Vietnamese garment maker fabricated evidence. The ruling, which bars Gilimex from refiling the case, also allows Amazon to seek reimbursement of legal costs. The news sent GIL shares to VND 10,650, their lowest level in recent months.

Key Facts

• GIL shares closed at VND 10,650, down 6.58% (the daily limit) on July 10, 2026.
• Trading volume surged to 935,300 shares, double the one-year average, with nearly 1.5 million sell orders unfilled.
• The US District Court for the Southern District of New York dismissed the case with prejudice on grounds of evidence forgery.
• Gilimex had sought approximately $280 million in damages from Amazon for breach of contract and abrupt order cuts.
• The court found that over 90 documents submitted by Gilimex were fabricated, including a $69 million purchase order from supplier Blazemax.
• The judge allowed Amazon to request reimbursement of its investigation and litigation costs.
• GIL was one of only three stocks hitting the floor on HoSE that day, amid a broader market decline of 12 points.

What Happened

On July 10, 2026, Gilimex (HoSE: GIL) saw its stock collapse to the daily limit after news broke that a New York federal court had dismissed its lawsuit against Amazon. Judge Lorna G. Schofield ruled that Gilimex had fabricated evidence during the litigation, including dozens of purchase orders and demand letters that the company later admitted were fake. The court also found that a key $69 million purchase order from a supplier named Blazemax did not appear in any business records, financial statements, or contemporaneous communications.

The ruling, issued with prejudice, permanently bars Gilimex from bringing the same claims again. Amazon is now entitled to seek reimbursement of its costs incurred in investigating the fraudulent evidence and defending the case. Gilimex had originally filed the lawsuit in late 2022, alleging that Amazon violated their contract by abruptly cutting orders after the COVID-19 pandemic, causing the company to overinvest in capacity and inventory.

Market Context

GIL shares fell to VND 10,650 on volume of 935,300 shares, more than double the one-year average. The stock was one of only three to hit the floor on HoSE that day, as the broader VN-Index dropped 12 points to around 1,828. Market breadth was negative, with 209 decliners versus 83 advancers. Foreign investors turned net buyers, purchasing about VND 1,387 billion, but overall market sentiment remained cautious. GIL’s decline reflects investor concern over the legal setback and potential financial liability, as well as the company’s historical dependence on Amazon as its largest customer.

Strategic Significance

The court’s finding of evidence forgery is a severe reputational blow for Gilimex, undermining its credibility with partners and investors. The company now faces potential cost reimbursement to Amazon, which could strain its already challenged financial position. Gilimex had previously warned that its heavy reliance on Amazon led to excess capacity and inventory after the e-commerce giant reduced orders post-pandemic. This legal defeat may force management to reassess its business model and customer concentration risk. The case also highlights the legal risks Vietnamese exporters face when litigating against large US counterparties.

What to Watch

• Any disclosure from Gilimex regarding the amount of legal costs claimed by Amazon and the impact on financial statements.
• Q2 2026 earnings release for signs of operational recovery or further impairment.
• Management’s strategic update on diversifying customer base away from Amazon.
• Potential regulatory scrutiny from Vietnamese authorities over the evidence forgery findings.
• Trading volume and price action of GIL in the coming sessions for market sentiment.