NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is investigating whether certain directors and officers of Camping World Holdings, Inc. (“Camping World” or the “Company”) (NYSE: CWH) breached their fiduciary duties to the Company and its shareholders. If you are a Camping World shareholder, you are encouraged to contact attorney Joe Pettigrew with Scott+Scott for additional information at (844) 818-6982.
Scott+Scott is investigating whether members of Camping World’s board of directors made or allowed Camping World to make false and/or misleading statements and/or failed to disclose that: (i) the Company’s disclosure controls and controls over financial reporting suffered from a host of material weaknesses; (ii) the Company’s historical financial results had been materially misstated; (iii) the Company’s Gander Mountain Co. (“Gander”) stores had encountered integration setbacks, adversely impacting Camping World’s earnings growth and profit margins; (iv) the Company’s core RV business was experiencing decelerating growth, as Camping World lagged industry trends and was losing market share to competitors; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times. Further, Camping World insiders may have caused the Company’s stock to become inflated, so that they could sell over $530 million worth of shares.
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 relating to the insufficient documentation of certain accounting policies and procedures within the Company’s retail segment, and ineffective transactional level and management review controls over the valuation of used trade-in inventory.” On this news, between February 26 and March 2, 2018, Camping World’s stock price fell $4.63 per share, or more than 10%. 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 had identified material weaknesses in its internal controls over financial reporting.
On May 8, 2018, Camping World admitted that the integration of the Gander stores had suffered severe operational setbacks and were not as profitable as initially reported, with the Company’s Chief Executive Officer describing the botched rollout of the Gander stores as a “giant sh*t show.”
Finally, on August 7, 2018, the Company revealed that problems with the Gander operations were even more extensive than previously disclosed, announcing a 14% decline from prior guidance and that the Gander operations were responsible for the $60 million reduction in adjusted EBITDA for the year.
What You Can Do
If you are a Camping World shareholder, you may have legal claims against the Company’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at (844) 818-6982 or at firstname.lastname@example.org.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.