Plaintiff's law firm issued a press release on October 19, 2018, announcing the filing of the lawsuit. According to the press release, the Complaint charges Camping World Holdings, Inc. ("Camping World" or the Company), 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 (“RVs”) and related services. In October 2016, Camping World went public in a $261 million initial public offering. In the months that followed, 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.
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.
On January 17, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on February 27.
On March 12, 2020, Plaintiffs filed an amended consolidated Complaint and the parties entered into a Settlement Agreement. The Court granted preliminary approval of the Settlement on April 7.