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Case Status:    DISMISSED    
On or around 04/07/2006 (Other)

Filing Date: January 28, 2005

According to the latest docket posted, on January 19, 2006, the Court entered the Judgment dismissing the complaint with prejudice. On February 16, 2006, the plaintiffs filed a notice of appeal. On April 7, 2006, the Court entered the Judgment from the U.S. Court of Appeals for the Eighth Circuit. The joint motion for dismissal of the appeal is granted in according with the stipulation. The appeal is dismissed

In a press release dated January 17, 2006, the U.S. District Court for the District of Minnesota has dismissed in its entirety the consolidated securities class action complaint filed against the company, and certain officers and directors. The retailer added that plaintiffs have 30 days from the date judgment is entered in which to file a notice of appeal.

The action charges that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period, which statements had the effect of artificially inflating the market price of the Company's securities. More specifically, defendants failed to disclose that: (i) the Company's co-branded credit card program was faltering; (ii) the value of the Company's inventory was overstated, causing the Company's future margins to be negatively impacted; (iii) the Company's debt capacity was jeopardized and was inconsistent with defendants' growth plans; (iv) the Company was experiencing average trends with respect to its sales; and (v) defendants' projections of positive comparable sales growth of 3%-5% and pretax income of $13 million were materially misleading.

The complaint further alleges that on or around November 9, 2004, Gander Mountain announced it had "lowered its outlook for pretax income for fiscal 2004 to a range of $8 million to $13 million, compared with the company's prior guidance of $16 million to $21 million." On January 14, 2005, the Company issued a press release lowering its outlook for pretax income for fiscal 2004 even further, "to a range of $2.0 million to $4.0 million, compared with the company's prior guidance of $8 million to $13 million." As a result, Gander Mountain's shares plummeted to a close of $9.43. During the Class Period, Gander Mountain traded as high as $24.65.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Specialty)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: GMTN
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Minnesota
DOCKET #: 05-CV-00183
JUDGE: Hon. Donovan W. Frank
DATE FILED: 01/28/2005
CLASS PERIOD START: 04/20/2004
CLASS PERIOD END: 01/13/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Liebhard & Lifshitz, LLP (New York)
  2. Glancy Binkow & Goldberg LLP (NY)
  3. Law Offices of Charles J. Piven, P.A.
  4. Lockridge, Grindal, Nauen P.L.L.P.
  5. Milberg Weiss Bershad & Schulman LLP (New York)
  6. Murray, Frank & Sailer LLP
  7. Reinhardt, Wendorf & Blanchfield Attorneys at Law
  8. Schatz & Nobel, P.C.
  9. Schiffrin & Barroway LLP
  10. Seeger Weiss LLP (New York Old Address)
  11. Smith & Smith LLP
No Document Title Filing Date
COURT: D. Minnesota
DOCKET #: 05-CV-00183
JUDGE: Hon. Donovan W. Frank
DATE FILED: 08/09/2005
CLASS PERIOD START: 04/21/2004
CLASS PERIOD END: 01/14/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Goodkind Labaton Rudoff & Sucharow LLP
    100 Park Avenue, Goodkind Labaton Rudoff & Sucharow LLP, NY 10017
    212.907.0700 212.818.0477 · info@glrslaw.com
  2. Head, Seifert & Vander Weide
    333 South Seventh Street, Suite 1140, Head, Seifert & Vander Weide, MN 55402
    612-339-1601 ·
  3. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date
No Document Title Filing Date