Camping World Holdings, Inc. Class Action Lawsuit – CWH

Introduction to Camping World Holdings, Inc. (CWH) Securities Class Action Lawsuit

A securities fraud class action has been filed against Camping World Holdings, Inc. (NYSE: CWH) and certain executives for alleged misrepresentations made between April 29, 2025 and February 24, 2026 (the Class Period), alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Investors allege that the company overstated its ability to surgically manage inventory using sophisticated data analytics and tighter SG&A expense management and disclosure controls while claiming to experience strong retail demand and maintaining a healthy balance sheet.

In reality, the complaint alleges, the company required strict corrective inventory management objectives that would negatively impact gross profit and margins, and its inadequate systems and disclosure controls and procedures prevented accurate disclosures about its financial health. When the truth emerged through a series of disclosures in late 2025 and early 2026, including Q3 2025 and Q4 2025 financial results and revised guidance, the company's stock price fell sharply, after trading at artificially inflated prices during the Class Period, causing significant losses to investors.

Camping World Holdings, Inc. (CWH) Securities Lawsuit Case Details

Case Name: Siverd v. Camping World Holdings, Inc.

Case No.: 1:26-cv-02710

Jurisdiction: U.S. District Court, Northern District of Illinois

Filed on: March 10, 2026

Camping World Holdings, Inc. (CWH) Company Profile

Camping World Holdings, Inc., a publicly-traded RV retail and services company, headquartered in Lincolnshire, Illinois, retails recreational vehicles (RVs) and RV retail and related services in the United States, and its Class A common stock trades on the NYSE under the symbol CWH.

Camping World Holdings, Inc. (CWH) Securities Lawsuit Class Period

April 29, 2025 – February 24, 2026, inclusive.

All persons and entities that purchased or otherwise acquired Camping World Holdings, Inc. (CWH) securities during the Class Period and were damaged thereby may be eligible to join the action.

Allegations in the Camping World Holdings, Inc. (CWH) Securities Class Action Lawsuit

The complaint targets Camping World Holdings, Inc. and three executives: Marcus A. Lemonis, who served as Chief Executive Officer from 2006 through December 31, 2025; Matthew D. Wagner, who became CEO on January 1, 2026 after serving as President; and Thomas E. Kirn, the company's Chief Financial Officer. Investors allege these defendants made materially false and misleading statements about the company's inventory management capabilities, retail demand, and balance sheet strength, SG&A expense control, throughout the class period, causing Camping World securities to trade at artificially inflated prices.

On April 29, 2025, President Matthew Wagner issued a press release stating that the business continued to exhibit consistent growth and expressing confidence in delivering growth in excess of low-double digits in used units and low single digits in new units, with vehicle gross margins within historical range and SG&A as a percentage of gross profit improving by 600-700 basis points (guidance communicated to investors). The following day, CEO Marcus Lemonis told investors during the first quarter earnings call that the company had taken decisive action on SG&A and that it had a very healthy balance sheet with cash; used inventory, parts, and real estate owned free and clear; and available revolvers.

On July 29, 2025, Lemonis stated in a press release that the company continued to surgically manage its inventory to find volume and gross profit opportunities leveraging sophisticated data analytics and the strength of its balance sheet to put the right inventory on the ground at the right time and the right price. During the July 30, 2025 earnings call, Lemonis claimed the balance sheet had never been stronger, while President Wagner stated the company had played a much more competitive and intelligent game in terms of inventory management.

According to the complaint, these statements were materially false and misleading because the company had overstated its ability to surgically manage inventory to optimize profit and data analytics claims, overstated the retail demand it was experiencing or reasonably expected, and concealed that it would require strict corrective inventory management objectives that would negatively impact gross profit and margins. The complaint further alleges that the company's inadequate systems and processes prevented it from ensuring reasonably accurate public statements and financial disclosures and guidance about the health of its balance sheet and its ability to manage SG&A expenses with a reasonable basis. The complaint asserts claims under the Securities Exchange Act of 1934, including Sections 10(b) and 20(a), for false statements and material omissions that misled investors.

The Truth Emerges

The truth began to surface on October 28, 2025, when Camping World Holdings, Inc. released its third quarter 2025 financial results after market close, revealing that new vehicle revenue had decreased $58.1 million or 7.0%, the average selling price of new vehicles sold had decreased 8.6%, new vehicle gross margin had decreased 81 basis points, and total gross margin had decreased 27 basis points , a corrective disclosure signaling weaker retail demand than previously represented. Management warned that affordability was still top of mind for consumers and stated the company was deliberately setting conservative new volume growth assumptions.

The next day, during the earnings call on October 29, 2025, CEO Lemonis admitted he had been more aggressive in pushing the team to liquidate inventory and acknowledged that when looking back on what happened over history, the company may have gone into years with a delusion about what was happening because it was outperforming everyone else, only to find out 18 months later that it had to discount its way out of inventory , undermining prior inventory management assertions.

The full extent of the problems became clear on February 24, 2026, when Camping World Holdings, Inc. released its fourth quarter 2025 results after market close, disclosing that it had implemented strict corrective inventory management objectives to structurally improve turnover rates, which were expected to result in gross margin headwinds in the first half of 2026. The company reported a net loss of $109.1 million, an adjusted EBITDA loss of $26.2 million, a gross profit decrease of $38.7 million, and announced it was pausing its quarterly dividend effective immediately. Management also disclosed new vehicle gross margin of 12.3% (a 291 basis-point decrease) and used vehicle gross margin of 16.0% (a 277 basis-point decrease), reflecting the margin impact of accelerated inventory liquidation. SG&A improved by approximately 190 basis points, which was below the previously issued guidance of 300–400 basis points.

During the February 25, 2026 earnings call, CFO Thomas Kirn admitted that the largest driver of the delta in fourth quarter results versus expectations was the December hit to vehicle margins as the company accelerated the cleansing of its inventory, with management estimating this strategy could negatively impact EBITDA by about $35 million in 2026, particularly in the front half of the year, while the company guided 2026 adjusted EBITDA to $275 million to $325 million. These revelations directly contradicted the prior representations about surgical inventory management, sophisticated data analytics, strong balance sheet health, and the company's ability to achieve its guidance and SG&A expense targets.

Market Reaction

Following the October 28, 2025 after-market disclosure of third quarter results (a corrective disclosure), Camping World Holdings, Inc.'s stock fell $4.17, or 24.8%, to close at $12.65 per share on October 29, 2025, on unusually heavy trading volume on the NYSE: CWH. Following the company's release of its fourth quarter 2025 results on February 24, 2026 after market close, the stock price fell an additional $1.79, or 16.5%, to close at $9.06 per share on February 25, 2026, again on unusually heavy trading volume , reflecting investor reaction to revised guidance and the dividend suspension and marking consecutive stock price declines tied to corrective disclosures.

Next Steps

●      The Court will issue its order for lead plaintiff and counsel in the weeks after submissions are due.

●      The Court will then consider motion for class certification.

●      The Court will later consider a Motion to Dismiss.

Disclaimer: This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. No specific outcomes are guaranteed.

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