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As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) the Company overstated its ability to "surgically manage [its] inventory" to optimize profit using "data analytics;" (ii) the Company overstated the retail demand of consumers it was experiencing and/or reasonably expected; (iii) as a result, the Company would require "strict, corrective inventory management objectives," negatively impacting gross profit and margins; (iv) the Company's inadequate systems and processes prevented it from ensuring reasonably accurate disclosures and/or guidance, including about the health of its balance sheet and/or the ability to manage SG&A expenses; and (v) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On October 28, 2025, after the market closed, Camping World released its third quarter 2025 financial results, reporting, among other things, that "new vehicle revenue was $766.8 million for the third quarter, a decrease of $58.1 million, or 7.0%," "average selling price of new vehicles sold decreased 8.6%," and "new vehicle gross margin was 12.7%, a decrease of 81 basis points, driven primarily by the 8.6% decrease in the average selling price per new vehicle sold." The Company further disclosed that "total gross margin was 28.6%, a slight decrease of 27 basis points," and "the slight gross margin decrease was primarily from the reduced average selling price per new vehicle sold." The Company further disclosed it saw 2026 as a "consecutive year of Adjusted EBITDA growth, starting in the low $300 million range." Nonetheless, the Company purported to reassure investors that "this judicious conservatism, combined with our fortified balance sheet and improving leverage, has set the stage for our return to measured and accretive M&A activity across the business."
On this news, Camping World's stock fell $4.17, or 24.8%, to close at $12.65 per share on October 29, 2025, on unusually heavy trading volume.
Then, on February 24, 2026, after the market closed, Camping World released its fourth quarter 2025 results, reporting, among other things, that it had "implemented strict, corrective inventory management objectives to structurally improve [its] turnover rates" creating gross margin headwinds into 2026. The Company reported financial results, including that "net loss was $(109.1) million for the fourth quarter of 2025, an increased loss of $49.6 million, or 83.3%," "adjusted EBITDA was $(26.2) million, an increased loss of $23.7 million," "gross profit was $338.2 million, a decrease of $38.7 million, or 10.3%, and total gross margin was 28.8%, a decrease of 247 basis points." The Company also reported "new vehicle gross margin was 12.3%, a decrease of 291 basis points," and "used vehicle gross margin was 16.0%, a decrease of 277 basis points," both due to an increase in the average cost per vehicle sold and a decrease in average selling price, "driven in part by accelerated sales of aged used vehicles in December." The Company additionally reported SG&A as a percent of gross profit of 85%, a 190 basis point year over year improvement, falling far short of the Company's prior guidance for a 300 to 400 basis points improvement.
Finally, the Company announced that it would be pausing its quarterly cash dividend, effective immediately, "following consideration of forecasted tax distributions, the reduced availability of excess tax distributions to fund dividend payments driven partly by the impact of recent tax law changes, and in consideration of the Company's focus on reducing net debt leverage."
On this news, Camping World's stock price fell $1.79, or 16.5%, to close at $9.06 per share on February 25, 2026, on unusually heavy trading volume.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Camping World's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Camping World Holdings class action, go to www.faruqilaw.com/CWH or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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