NEW YORK, Feb. 16, 2005 (PRIMEZONE) -- Murray, Frank & Sailer LLP has filed a class action lawsuit on behalf of shareholders who purchased or otherwise acquired the securities of Gander Mountain, Inc. ("Gander Mountain" or the "Company") (NASDAQ:GMTN) between April 20, 2004 and January 13, 2005, inclusive (the "Class Period").
The Complaint alleges that defendants violated federal securities laws by issuing a series of material misrepresentations to the market during the Class Period concerning the Company's financial performance, thereby artificially inflating the price of Gander Mountain securities. More specifically, defendants failed to disclose that: (i) defendants' materially misrepresented projections of positive sales growth and pretax income; (ii) the Company had overstated the value of its inventory, affecting the Company's future profit margins; (iii) the Company's debt capacity was at risk, inconsistent with the Company's growth plans; (iv) the Company had only average sales trends; and (v) the Company's credit card program was faltering.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Gander Mountain securities on any world exchange between April 20, 2004 and January 13, 2005, and sustained damages, you may, no later than March 29, 2005, move the Court to serve as lead plaintiff. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi or Aaron D. Patton of Murray, Frank & Sailer LLP.