NEW YORK, Nov. 09, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Camping World Holdings Inc. (“Camping World” or the “Company”) (NYSE: CWH) and certain of its officers. The class action, filed in United States District Court, Northern District of Illinois, Eastern Division, and index under 18-cv-07158, is on behalf of a class consisting of all persons and entities, other than Defendants and their affiliates, who purchased or otherwise acquired shares of Camping World Class A common stock between March 8, 2017 and August 7, 2018, both dates inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Camping World securities between March 8, 2017, and August 7, 2018, both dates inclusive, you have until December 18, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Camping World has long been majority owned and controlled by its Chairman and Chief Executive Officer (“CEO”), Marcus Lemonis (“Lemonis”), and private equity firm Crestview Partners II GP, L.P. (“Crestview”) and its affiliates. Historically, the Company specialized in selling recreational vehicles (“RVs”) and related services such as travel assist programs, emergency roadside assistance, property and casualty insurance programs, extended vehicle service contracts, and vehicle financing and refinancing.
In October 2016, defendants took Camping World public in a $261 million initial public offering (the “IPO”). In the months that followed the IPO, defendants emphasized the Company’s earnings growth and profit potential as Camping World engaged in a number of strategic acquisitions. Most significantly, 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.
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company failed to successfully integrate the assets acquired from Gander due to operational failures; (ii) the acquisition of Gander assets negatively impacted the Company’s profit margin, which consequently resulted in the Company’s inability to meet previously provided financial guidance; (iii) the Company maintained material weaknesses in its internal controls over financial reporting, which resulted in numerous errors and misstatements in every quarterly reporting period since the IPO; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Beginning in February 2018, the Company issued a series of disclosures which revealed, inter alia: (i) that it needed to withdraw and restate its prior financial statements for 2016 and the first three quarters of 2017; (ii) that the integration and rollout of the Gander stores had suffered severe operational setbacks; (iii) that, rather than increasing profitability as represented, the Gander stores were negatively impacting margins; and (iv) that the Company had fallen far behind previously provided 2018 earnings figures. Camping World abruptly changed its auditor of 13 years soon after the Company admitted its prior financial statements were materially misstated and its internal controls suffered from material weaknesses.
Upon the full disclosure of the above facts, the Company’s Class A common stock fell from over $28 per share from the Class Period high of $47.09 on January 24, 2018, to close at $18.88 on August 7, 2018, the last day of the Class Period.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 9980