Camping World investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, Camping World has long been majority owned and controlled by its Chairman and CEO, Marcus Lemonis (“Lemonis”), and private equity firm Crestview Partners II GP, L.P. Historically, Camping World specialized in selling recreational vehicles and related services such as travel assist programs, property and casualty insurance programs, extended vehicle service contracts, and vehicle financing and refinancing. In May 2017, Camping World announced that it would be expanding its operations to include retail stores for outdoor sporting supplies and accessories by acquiring certain assets of Gander Mountain Co. (“Gander”) from bankruptcy.
The complaint alleges that from February 27 to March 1, 2018, Camping World revealed a host of accounting errors, material internal control weaknesses and the need to delay the filing of its 2017 annual financial report. Following this news, the price of Camping World stock declined. Between February 26, 2018 and March 2, 2018, the price of Camping World Class A common stock dropped $4.63 per share, or more than 10%.
Then, on May 8, 2018, Camping World reported disappointing financial results for the quarter ended March 31, 2018. During a conference call on May 8, 2018, defendant Lemonis admitted that new Gander store openings had been rushed due to his desire to open the stores as quickly as possible to boost revenues, despite encountering increased costs at the expense of profits. Following this news, the price of Camping World Class A stock fell $4.60 per share, or 17%, to close at $23.02 per share on May 8, 2018.
Finally, on August 7, 2018, Camping World reported disappointing financial results for the quarter ended June 30, 2018. Camping World also revealed that the problems in its Gander operations were more extensive than previously disclosed. Following this news, the price of Camping World Class A stock fell $3.17 per share, or 14%, to close at $19.04 per share on August 8, 2018.
The complaint alleges that throughout the Class Period, the defendants made false and misleading statements regarding Camping World’s financial performance, including its historical financial results and its integration and operation of the newly acquired Gander stores. These misrepresentations were used to further a massive insider selling scheme. At the same time that defendants were misleading investors, company insiders, including certain of the defendants, sold over $530 million worth of Camping World Class A shares at artificially inflated prices.
If you are a member of the class described above, you may no later than December 18, 2018 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com