SAN DIEGO & LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Camping World Holdings, Inc. (NYSE: CWH) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between March 8, 2017 and August 7, 2018. Camping World is a major retailer of RVs and outdoor supplies and accessories.
View this information on the law firm's Shareholder Rights Blog:
Camping World Accused of Misrepresenting Its Financial Performance
According to the complaint, following Camping World's initial public offering in October 2016, defendants emphasized the company's earnings growth and profit potential as it engaged in strategic acquisitions. In May 2017, Camping World began expanding its operations to include retail stores for outdoor sporting supplies and accessories by acquiring certain assets of Grander Mountain Co. from bankruptcy. On March 13, 2018, Camping World announced that it would have to restate its financial statements for 2016 and the first three quarters of 2017, and that it had identified material weaknesses in its internal controls over financial reporting. Further, despite touting the profitability of the Grander Mountain stores and the methodology in which Camping World would integrate them into their business, on May 8, 2018, Camping World admitted that the integration of the Grander stores had suffered severe operational setbacks and were not as profitable as initially reported. Then on August 7, 2018, the company revealed that problems with the Grander operations were even more extensive than previously disclosed, announcing a 14% decline from prior guidance and that the Grander operations were responsible for the $60 million reduction in adjusted EBITDA for the year. Camping World's stock has declined approximately 45% since its troubles were revealed.
Camping World Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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