Updated: January 17, 2019
Status: Ongoing Case
On January 17, 2019, Labaton Sucharow was named co-lead counsel in this securities class action lawsuit against Camping World Holdings, its Chairman and CEO Marcus Lemonis and private equity firm Crestview Partners. The action was filed on behalf of all purchasers of Camping World Class A common stock between March 8, 2017 and August 7, 2018, inclusive (the “Class Period”).
Historically, Camping World 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. 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.
This securities fraud class action arises from materially false and misleading statements made by defendants during the Class Period regarding Camping World’s financial performance, including its historical financial results and its integration and operation of the newly acquired Gander stores. In addition, defendants fraudulently concealed material weaknesses in the Company’s disclosure controls and internal controls over financial reporting, which contributed to the artificial inflation of Camping World’s reported 2016 basic earnings per share (“EPS”) by over 37%. These misrepresentations were used to further a massive insider selling scheme.
The case is Ronge v. Camping World Holdings, Inc., No. 18-cv-7030 (N.D. Ill.). Labaton Sucharow represents co-lead plaintiff City of Omaha Police & Fire Retirement System.