A lawsuit was filed on behalf of investors in Camping World Holdings, Inc. (NYSE: CWH) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 11/06/2018 -- An investor, who purchased shares of Camping World Holdings, Inc. (NYSE: CWH), filed a lawsuit over alleged Securities Laws violations by Camping World Holdings, Inc..
Investors, who purchased shares of Camping World Holdings, Inc. (NYSE: CWH), have certain options and for certain investors are short and strict deadlines running. Deadline: December 18, 2018. NYSE: CWH investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On February 27, 2018, the Company issued a release revealing that the Company had "recently identified material weaknesses in [its] internal control over financial reporting."
The plaintiff alleges that the release also revealed that Camping World would need to revise prior reporting periods due to various "errors" and that the cumulative impact of these misstatements required the Company to restate and reduce its 2016 basic earnings per share from $0.11 per share to $0.08 per share, as the prior reported basic earnings per share had been overstated by more than 37%.
On March 1, 2018, post-market, Camping World Holdings, Inc., announced it is delaying its Annual Report on Form 10-K for the year ended December 31, 2017. Camping World Holdings, Inc., disclosed it "expects to report 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 May 8, 2018, Camping World Holdings, Inc reported its financial results for the quarter ended March 31, 2018, including a decrease in adjusted EBITDA and adjusted EBITDA margin. In addition, the Company revealed adverse trends in its core RV business indicating that it had lost significant market share to its competitors. On this news, the price of Camping World Class A stock fell 17%.
Then, on August 7, 2018, Camping World Holdings, Inc reported its financial results for the quarter ended June 30, 2018, including adjusted EBITDA of only $140.2 million for the quarter, 9% below its previous guidance. In addition, Camping World revealed that its adjusted EBITDA margin had continued to deteriorate and had fallen 250 basis points year-over-year, while its same-store revenues had experienced a "modest decline," again underperforming the broader market. In addition, the Company revealed that problems in its Gander operations were more extensive than previously disclosed.
The plaintiff claims that between March 8, 2017 and August 7, 2018, the defendants failed to disclose, among other things, that the Company's disclosure controls and controls over financial reporting suffered from a host of material weaknesses; that the Company's historical financial results had been materially misstated; that the Gander stores had encountered integration setbacks, adversely impacting the Company's earnings growth and profit margins; and that the Company's core RV business was experiencing decelerating growth as the Company lagged industry trends and was losing market share to competitors, and that as a result of this information being withheld from the market, the price of Camping World Class A common stock was artificially inflated to a high of $47.19 per share between March 8, 2017 and August 7, 2018.
Those who purchased shares of Camping World Holdings, Inc. (NYSE: CWH) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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