Lawsuit names Camping World CEO in alleged financial fraud

LINCOLNSHIRE, Ill. — A lawsuit seeking class-action status accuses Camping World Holdings and certain company officials, including Chairman and CEO Marcus Lemonis, of misrepresenting the company’s financials while they sold more than $530 million in Camping World shares, reported Crain’s Chicago Business.

The lawsuit, filed by investor David Ronge on Oct. 19 in Illinois federal court, names Camping World Holdings, Lemonis, CFO and secretary Thomas Wolfe, President Brent Moody, director Stephen Adams, Crestview Partners II and Crestview Advisors as the defendants. It seeks class-action status on behalf of people who purchased Camping World stock between March 8, 2017, and Aug. 7, 2018. The lawsuit claims investors suffered hundreds of millions of dollars in losses when the stock, which had traded above $47 per share, fell to about $19 per share.

Camping World, headquartered in Lincolnshire, is majority owned and controlled by Lemonis and New York-based private-equity firm Crestview Partners II and its affiliates. The company went public with a $261 million initial public offering in October 2016 and announced that it would expand its operations, which historically specialized in RVs and related services, to include stores for outdoor sporting supplies and accessories by acquiring assets of Gander Mountain from bankruptcy.

Read the full article at Crain’s Chicago Business.

Ronnie Wendt

Ronnie Wendt

Ronnie Wendt has been a writer/editor for more than 25 years, working in law enforcement, aviation, supply chain and the RV industry. She's not a stranger to RVs, however. She grew up camping, and still camps as many weekends as she can every year. She is the owner of In Good Company Communications and can be reached at ingoodcompanycommunications@gmail.com.

Leave a Comment

  • Mark Plain says:

    How do I get involved in the suit?

  • Jody M Acord says:

    What can I do to get warranty work done on my 5th wheel?Some part were ordered but we have not been kept informed on the status. My phone calls continue to go unreturned. My husband and I purchased our 5th wheel at the Camping World in Lowell Arkansas in February and we are concerned that things will not be fixed prior to the warranty expiring. We appreciate any help we can get.

    • jim says:

      If they do not want to talk to you, they wont. You can complain to the manufacturer of your RV, but
      make sure you tell every one you know about your experience.

    • gigi stetler says:

      Join thervadvisor.com in our ever growing group to to help with these issues you and everyone are having

  • Ed M says:

    Hard lesson for those investors. I wonder if any of them actually visited or did business with CW prior to investing.

  • Clay C. says:

    Jody Acord, unfortunately you’ll have to stand in line with thousands, “not hundreds” of retail customers that Lemonis and his CW organization have screwed for years. We barely dodged their unscrupulous sales tactics attempting to purchase a class A six years ago. We were newbies and traveled hundreds of miles to view a coach, made expensive hotel room purchase’s and the coach was dirty, broken and in terrible condition. We walked away! It’s was the best decision we luckily have ever made. I hope folks get some of their hard earned investment monies back but you waiting for parts and warranty service, we’ll I would make arrangements with the manufacturer to have the issues resolved with a decent R.V. dealer or repair shop. You’ll grow very old waiting on CW. Best of luck!

  • Bill W says:

    It will be interesting to see if he is even slightly wrong what would happen to the other projects he has? Say CNBC and the Profit. Would make a great show though “This weeks show) how to bilk millions out of investors! Must See TV

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