LINCOLNSHIRE, Ill. — Another federal securities lawsuit has been filed against Camping World and certain company officials, including Chairman and CEO Marcus Lemonis, for allegedly selling stock at “artificially inflated prices,” reported Crain’s Chicago Business.
The lawsuit, filed Thursday by investor Robert Strougo, names Camping World Holdings, Lemonis, CFO Thomas Wolfe, President Brent Moody, director Stephen Adams, and New York private equity firm Crestview Partners II as 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, including Strougo, suffered significant losses and damages as the company’s stock, which once traded above $47 per share, fell to about $19 per share.
The lawsuit accuses the defendants of making false and misleading statements about Camping World’s business, operational and compliance policies, including a failure to disclose that the company didn’t successfully integrate the assets from the Gander Mountain acquisition and that its profit margin was negatively impacted by the acquisition.
Read the full article at Crain’s Chicago Business.