Class action lawsuit filed against Camping World

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    The Chicago law firm Robbins Geller Rudman & Dowd LLP has filed a class action lawsuit on behalf of purchasers of Camping World Holdings, Inc. Class A common stock during the period between March 8, 2017 and August 7, 2018 (the “Class Period”). The action was filed in the Northern District of Illinois and is captioned Ronge v. Camping World Holdings, Inc., et al., No. 18-cv-7030. You can view a copy of the complaint as filed at https://www.rgrdlaw.com/cases/campingworld/.

    The complaint charges Camping World, certain of its officers and directors and controlling shareholders with violations of the Securities Exchange Act of 1934. Historically, the company specialized in selling recreational vehicles and related services. In October 2016, Camping World went public in a $261 million initial public offering. In the months that followed, it engaged in a number of strategic acquisitions. Most significantly, in May 2017, it announced it would expand 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 during the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding Camping World’s business, operations and financial condition. Specifically, the complaint alleges defendants failed to disclose, among other things, that the company’s disclosure controls and controls over financial reporting suffered from a host of material weaknesses; that the company’s historical financial results had been materially misstated; that the Gander stores had encountered integration setbacks, adversely impacting the company’s earnings growth and profit margins; and that the company’s core RV business was experiencing decelerating growth as the company lagged industry trends and was losing market share to competitors. As a result of this information being withheld from the market, the price of Camping World Class A common stock was artificially inflated to a high of $47.19 per share during the class period.


    On February 27, 2018, the company issued a release revealing that it had “recently identified material weaknesses in [its] internal control over financial reporting.” The release also revealed that Camping World would need to revise prior reporting periods due to various “errors.” The cumulative impact of these misstatements required the company to restate and reduce its 2016 basic earnings per share from $0.11 per share to $0.08 per share, as the prior reported basic earnings per share had been overstated by more than 37 percent. Thereafter, on March 1, 2018, Camping World announced that it would be unable to timely file its 2017 Form 10-K due to expected material weaknesses in its internal control over financial reporting. On this news, 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 percent.

    On May 8, 2018, Camping World reported disappointing financial results for the quarter ended March 31, 2018. In addition, it revealed adverse trends in its core RV business indicating that it had lost significant market share to its competitors. On this news, the price of Camping World Class A stock fell 17 percent. On May 22, 2018, Camping World announced it had replaced its auditor of 13 years, causing the price of the stock to decline another 10 percent.

    Then, on August 7, 2018, Camping World reported disappointing financial results for the quarter ended June 30, 2018 and said its same-store revenues had experienced a “modest decline,” again underperforming the broader market. In addition, the company revealed that problems in its Gander operations were more extensive than previously disclosed. On this news, the price of Camping World Class A stock fell $3.17 per share, or 14 percent, to close at $19.04 per share on August 8, 2018.

    If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact the plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com.

    SOURCE: Businesswire.

     

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    Greg EllisDonnaPeggy CoffeyLisaBooneyrat Recent comment authors

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    Donna
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    Donna

    Make that six! We cancelled our GS membership as well.

    Peggy Coffey
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    Peggy Coffey

    Better by 2 more for husband and me. He is a moron.

    Booneyrat
    Guest
    Booneyrat

    To he!! with CW and any other ripoff RV business.Time for us old fogies to stop catering to these crooks..including any politician who cohorts with them. AMERICAN GREED.

    marty chambers
    Guest
    marty chambers

    Marcus Lamonis and Camping World are preditors, not a business.

    Deal with them at your own peril. Many did and are sorry they did.

    Them and anything connected to Thor are killing RVing.

    Jeff
    Guest
    Jeff

    As a follow on comment: We just returned from a 2 week trip. During our trip I had a FLAT Tire and have Good Sams Roadside Assistance. When the company came to change my tire, they charged me a $50 service fee. Which they shouldn’t have done! It should have been covered by the Roadside Contract. Apparently, the idiots who took my call at Roadside Assistance thought that I was a GOOD SAM member only and so I was charged. EVEN though I gave them my Roadside Assistance Member Number. Incompetence abounds at GOOD SAMS! I was notified that I… Read more »

    Pat OConnor
    Guest
    Pat OConnor

    Lemonis did NOT say Trump supporters are not welcome; he said people who were in favor of support for the attackers in Charlottesville were not welcome in CW. So, if you support the right wing nationalist movement AND you are a Trump supporter, you may consider yourself not welcome. Otherwise…

    And you may want to read and research information for yourself, instead of being led around by the nose, and spouting half truths.

    If you have a legitimate beef with CW, that’s another story, and a real reason… maybe?

    Lisa
    Guest
    Lisa

    Yes yes

    PGR
    Guest
    PGR

    I wish they would take that embarrassing, huge flag down from all their stores. Only a fool would shop at any business that needs a giant flag to suck people in.

    Typically the more people proclaim their “superior” beliefs the fewer they truly have. One only has to look to 1600 Pennsylvania Ave for confirmation of this fraud.

    Greg Ellis
    Guest
    Greg Ellis

    Whether an American likes the establishment our flag is flown in front of or not it is an honor to be a citizen of the great country of America and I for one am proud of our stars and stripes as well as our government for all its shortcomings – If you find yourself embarrassed or offended by our flag or country it would be just fine to move your citizenry to a country you can embrace – Don’t let the door hit you on the way out.

    Jeff
    Guest
    Jeff

    Why BUY anything from Camping World, when you can get it a whole lot cheaper on Amazon? Camping World is nothing but a RIP OFF Company!

    theresa
    Guest
    theresa

    Indeed – their service blows chunks also.. and top it off, dufus CEO informed the public that conservative folks weren’t welcome at his stores – no problem…

    Lisa
    Guest
    Lisa

    Not just CW. All camp centers are higher than Amazon. Convenience is reason.

    BirdsGo2
    Guest
    BirdsGo2

    What do they expect when the CEO publicly states that he doesn’t want business from Trump supporters? Won’t even buy a light bulb from them.

    Kevin in MN
    Guest
    Kevin in MN

    Not to worry, I’ll buy an extra light bulb every time I shop there to make up for your boycott. I’ve increased my patronage since Mr Lemonis made his opinion public.

    Doug
    Guest
    Doug

    Better buy 3….

    Never stepping foot in there again.

    In fact I just canceled my Good Sam.

    Business doesn’t belong in Politics, as far as steering political views.

    Dennis
    Guest
    Dennis

    Lol – Four!