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.