Camping World Securities Settlement

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Camping World Securities Settlement
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The information contained on this web page is only a summary of information presented in more detail in the Notice of Pendency and Proposed Settlement of Class Action (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.

If you are a Settlement Class Member, your legal rights will be affected by this Settlement whether you act or do not act.

Please read the Notice carefully


IF YOU PURCHASED OR OTHERWISE ACQUIRED CAMPING WORLD HOLDINGS INC. PUBLICLY TRADED CLASS A COMMON STOCK FROM OCTOBER 6, 2016 THROUGH AUGUST 7, 2018, INCLUSIVE (THE “SETTLEMENT CLASS PERIOD”) AND WERE DAMAGED THEREBY, YOU MAY BE ENTITLED TO A PAYMENT FROM A CLASS ACTION SETTLEMENT.

IMPORTANT DATES AND DEADLINES

SUBMIT A CLAIM FORM

 

The only way to be eligible to receive a payment from the Settlement.  Proof of Claim forms must be postmarked or submitted online on or before July 30, 2020.

To submit your Claim Form online please click here. Additional copies of the Claim Form can be downloaded from the Claim Form page of this website.

EXCLUDE YOURSELF

The deadline to exclude yourself from the Settlement has passed.

OBJECT

The deadline to object to the Settlement has passed.

DO NOTHING

If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund.  You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.


The Settlement Hearing

The Court held a final Settlement Hearing on August 5, 2020 and approved the Settlement and proposed Plan of Allocation and the motion requesting attorneys' fees and expense. Copies of the orders can be accessed on the Court Documents section.

What is this case about?

This case is currently pending before the Honorable Rebecca R. Pallmeyer in the United States District Court for the Northern District of Illinois (the “Court”) and was brought on behalf of the Class (to be certified for settlement purposes) of all Persons who purchased or otherwise acquired Camping World Class A common stock during the period from October 6, 2016 through August 7, 2018, inclusive, including those who purchased or acquired shares of Camping World publicly traded Class A common stock in the Company’s initial public offering, which occurred on or around October 6, 2016 (“IPO”), and/or in the Company’s secondary offerings, which occurred on or around May 26, 2017 and October 27, 2017, and who were allegedly damaged by Defendants’ alleged conduct.

The initial complaint was filed on October 19, 2018, and on January 17, 2019, the Court appointed City of Pontiac General Employees’ Retirement System, Oklahoma Police Pension & Retirement System, and City of Omaha Police & Fire Retirement System as Lead Plaintiffs and the firms of Robbins Geller Rudman & Dowd LLP and Labaton Sucharow LLP as Lead Counsel. On February 27, 2019, Plaintiffs filed the Consolidated Complaint for Violations of the Federal Securities Laws. On March 12, 2020, Plaintiffs filed the Amended Complaint (“Complaint”), which alleges that during the Class Period, some or all of the Defendants made false and misleading statements to investors concerning: (i) Camping World’s financial results for the fourth quarter for the fiscal year 2016 (the “Financial Statements”); (ii) certain of Defendants’ statements related to internal controls, disclosure controls, and Generally Accepted Accounting Principles compliance (the “Controls Statements”); and (iii) certain of Defendants’ statements regarding the acquisition and integration of Gander Mountain (the “Gander Statements” and collectively with the Financial Statements and Controls Statements, the “Challenged Statements”). Plaintiffs allege the Challenged Statements artificially inflated Camping World’s stock price and when the truth was eventually disclosed, the price of Camping World stock declined, resulting in substantial damages to the Class.

Defendants deny each and all of the claims and contentions of wrongdoing alleged by Plaintiffs in the Action. Defendants contend that they did not make any materially false or misleading statements, that they disclosed all material information required to be disclosed by the federal securities laws, and that any alleged misstatements or omissions were not made with the requisite intent or knowledge of wrongdoing. Defendants also contend that any losses allegedly suffered by Members of the Class were not caused by any allegedly false or misleading statements by them and/or were caused by intervening events. Defendants also maintain that they have meritorious defenses to all claims that were raised or could have been raised in the Action.  

The Settlement Benefits

At this time, it is not possible to make any determination as to how much any individual Settlement Class member may receive from the Settlement.

The Settlement provides that, in exchange for the release of the Released Claims (defined in the Notice) and dismissal of the Action, Defendants have agreed to pay (or cause to be paid) $12.5 million in cash to be distributed after taxes, tax expenses, notice and claims administration expenses, and approved fees and expenses, pro rata, to Class Members who send in a valid Proof of Claim form pursuant to the Court-approved Plan of Allocation.  The Plan of Allocation is described in more detail in the Notice.

Your share of the Net Settlement Fund will depend on several things, including the total amount of claims represented by the valid Proof of Claim forms that Class Members send in, compared to the amount of your claim, all as calculated under the Plan of Allocation discussed in the Notice.

Further Information

This website and the Notice summarize the Settlement.  For more details regarding the Settlement please reference the Settlement Agreement, or other documents filed in the case under the “Court Documents” link on the left.  You may also contact the Claims Administrator or Lead Counsel for further information regarding the Settlement:


Claims Administrator:

Camping World Securities Settlement

c/o A.B. Data, Ltd.

PO Box 170200

Milwaukee, WI  53217

877-829-2940

info@CampingWorldSecuritiesSettlement.com


Lead Counsel:

Robbins Geller Rudman & Dowd, LLP 

Ellen Gusikoff Stewart

655 West Broadway, Suite 1900

San Diego, CA 62101

and

Labaton Sucharow LLP

Michael P. Canty

140 Broadway

New York, NY 10005

 

 
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