LEAD PLAINTIFF DEADLINE ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Camping World Holdings, Inc. To Contact The Firm
NEW YORK, Nov. 16, 2018 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Camping World Holdings, Inc. (“Camping World” or the “Company”) (NYSE:CWH) of the December 18, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Camping World stock or options between March 8, 2017 and August 7, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/CWH. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of all those who purchased Camping World Class A common stock between March 8, 2017 and August 7, 2018 (the “Class Period”). The case, Ronge v. Camping World Holdings, Inc. et al, No. 18-cv-07030 was filed on October 19, 2018, and has been assigned to Judge Rebecca R. Pallmeyer.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose: (1) that the Company lacked effective disclosure controls and internal controls over financial reporting throughout its business and operations, which had subjected the Company’s historical financial information to numerous errors and misstatements in every quarterly reporting period since the IPO; (2) that the Company’s internal controls suffered from numerous material weaknesses; (3) that the Company’s historical financial results had not been prepared and reported in accordance with generally accepted accounting principles; (4) that the Company’s basic Earnings Per Share for the period ended December 31, 2016 was overstated; (5) that the Company’s integration and rollout of new Gander locations suffered from rampant and costly dysfunctions and inefficiencies; and (6) that, as a result of the foregoing, the Company’s ability to maintain its historical earnings before income tax margin and grow adjusted EBITDA and profits had been materially impaired, even as the Company’s debt load had ballooned as a result of the Gander acquisition and rollout.
Specifically, on May 8, 2018, Camping World reported disappointing financial results for the quarter ended March 31, 2018. The results indicated that the Company had lost significant market share to its competitors. A conference call later that day revealed that new Gander store openings had been rushed in order to boost revenues, even though this had led the Company to encounter increased costs at the expense of profits.
On this news, the price of Camping World Class A stock fell from $27.62 per share on May 7, 2018 to $23.02 per share on May 9, 2018—a $4.60 or 16.65% drop.
Then, on May 22, 2018, Camping World filed a notice with the SEC on Form 8-K revealing that the Company had replaced its auditor of 13 years, Ernst & Young LLP.
On this news, the price of Camping World Class A stock fell from $21.41 per share on May 22, 2018 to $19.27 per share on May 23, 2018—a $2.14 or 10.00% drop.
Then, on August 7, 2018, Camping World reported disappointing financial results for the quarter ended June 30, 2018. The Company revealed that its adjusted EBITDA margin had continued to deteriorate and had fallen 250 basis points year-over-year to 5.7%, while its same-store revenues had experienced a “modest decline,” again underperforming the broader market.
On this news, the price of Camping World Class A stock fell from $22.21 per share on August 7, 2018 to $19.04 per share on August 8, 2018—a $3.17 or 14.27% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Camping World’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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