Gilimex (GIL) Loses Amazon Lawsuit: Court Finds Document Forgery, Stock Down 80%

Overview

Gilimex (GIL), listed on HOSE, has lost its long-running lawsuit against Amazon in a US federal court. The court permanently dismissed the case and determined that over 90 documents submitted by Gilimex were forged. The company’s profit has dropped to one-tenth of prior levels, and its stock has lost 80% of its value since the dispute began.

Key Facts

• On July 9, 2026, the US District Court for the Southern District of New York granted Amazon’s motion for sanctions and permanently dismissed Gilimex’s lawsuit.
• Gilimex had sought approximately USD 840 million in damages from Amazon, including nearly USD 69 million for raw materials purchased for Amazon orders.
• The court found that over 90 documents submitted by Gilimex were forged, including a key purchase order dated November 18, 2021, for about USD 69 million with Blazemax Hong Kong Limited.
• Amazon discovered that many documents were created just days before submission, using “Print to PDF” from Excel files, rather than being contemporaneous records.
• The court allowed Amazon to seek reimbursement of legal fees and litigation costs from Gilimex.
• Gilimex’s profit has fallen to approximately one-tenth of its pre-dispute level, and its stock price has declined by about 80%.
• As of July 10, 2026, GIL closed at VND 10,650, down 6.58% on volume of 935,300 shares.

What Happened

The dispute originated in late 2022 when Gilimex sued Amazon after the e-commerce giant reduced orders and terminated relationships with several suppliers amid cooling consumer demand. Gilimex claimed it had invested in factory expansion, hiring, and raw materials based on Amazon’s forecasts and order plans, and sought USD 840 million in compensation.

During discovery, Amazon requested documents proving damages. Through digital forensics, Amazon found that many documents were fabricated shortly before submission. A pivotal moment came in late 2023 when Gilimex submitted a purchase order dated November 18, 2021, for USD 69 million with Blazemax Hong Kong Limited, which had not been mentioned in over 68,000 previously submitted documents or in the chairman’s deposition. The court ultimately ruled that Gilimex had engaged in fraud, permanently dismissing the case.

Market Context

GIL shares have lost approximately 80% of their value since the lawsuit was filed in 2022, reflecting the market’s reassessment of the company’s legal and operational risks. The stock closed at VND 10,650 on July 10, 2026, down 6.58% on heavy volume. The company’s profit has shrunk to one-tenth of prior levels, partly due to the legal costs and the loss of Amazon as a major customer. The logistics sector on HOSE has been under pressure from global trade headwinds, but GIL’s decline is company-specific.

Strategic Significance

The ruling represents a catastrophic outcome for Gilimex, not only because it loses the potential compensation but also because it must pay Amazon’s legal fees. The finding of document forgery severely damages the company’s credibility with partners, customers, and regulators. Long-term investors face uncertainty about the company’s ability to recover its business model, which was heavily dependent on Amazon. The case highlights the risks of over-reliance on a single customer and the severe consequences of litigation misconduct.

What to Watch

• Q2 2026 earnings report for GIL, expected in August 2026, to assess the financial impact of legal costs and lost business.
• Any regulatory actions by Vietnamese authorities (e.g., SSC or exchange) regarding the forgery findings.
• Potential delisting or trading restrictions on GIL shares due to material misrepresentation.
• Amazon’s formal claim for legal fees and the amount awarded by the court.
• Any strategic pivot by Gilimex to diversify its customer base or restructure operations.