Important Information Regarding Section 20(a) Individual Liability Claims

Levi & Korsinsky, LLP alerts investors in Camping World Holdings, Inc. (NYSE: CWH) of a pending securities class action. Class Period: April 29, 2025 through February 24, 2026. Find out if you qualify to recover losses or contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com | (212) 363-7500.

Three senior officers of Camping World Holdings are named as individual defendants in a securities class action pending in the United States District Court for the Northern District of Illinois. CWH shares fell 24.8% on October 29, 2025, and an additional 16.5% on February 25, 2026, following corrective disclosures that revealed deteriorating margins, inventory mismanagement, and a missed SG&A improvement target. The Court has set May 11, 2026 as the deadline to apply for lead plaintiff appointment.

The Named Individual Defendants

The lawsuit identifies three officers who allegedly exercised control over Camping World's public disclosures during the Class Period:

• Marcus A. Lemonis served as Chief Executive Officer from 2006 through December 31, 2025, and personally signed or approved SEC filings and press releases throughout most of the Class Period
• Matthew D. Wagner served as President through the Class Period and became CEO on January 1, 2026, and issued statements about inventory procurement, unit growth, and SG&A guidance
• Thomas E. Kirn served as Chief Financial Officer at all relevant times and was responsible for the accuracy of financial reporting, including revenue, margin, and expense disclosures

The action contends that each individual defendant possessed the power and authority to control the contents of the Company's reports to the SEC, press releases, and presentations to analysts and institutional investors.

Sarbanes-Oxley Certification Obligations

Under Sections 302 and 906 of the Sarbanes-Oxley Act, the CEO and CFO personally certified that Camping World's quarterly and annual reports filed with the SEC fairly presented the Company's financial condition and results of operations. The complaint charges that these certifications were made while the Company's internal systems and processes were allegedly inadequate to ensure reasonably accurate disclosures and guidance, including representations about balance sheet health and SG&A expense management.

Section 20(a) Control Person Framework

Section 20(a) of the Securities Exchange Act of 1934 imposes liability on individuals who act as "controlling persons" of a company that violates the federal securities laws. The pleading asserts that each individual defendant:

• Had the ability to prevent the issuance of allegedly misleading statements or cause them to be corrected
• Was provided with copies of the Company's reports and press releases prior to or shortly after issuance
• Had access to material non-public information about inventory conditions, consumer demand trends, and the feasibility of SG&A improvement targets
• Knew that adverse facts had not been disclosed to the investing public while positive representations were being made

Scienter Allegations

The complaint charges that these officers knew, or were severely reckless in not knowing, that the Company's claims of "surgical" inventory management, record procurement momentum, and a "fortified balance sheet" lacked a reasonable basis. The Company ultimately admitted to implementing "strict, corrective inventory management objectives," reporting a net loss of $109.1 million in Q4 2025, and pausing its quarterly dividend.

"Corporate officers have a duty to ensure their companies' public statements are accurate and complete. When SOX certifications are signed while allegedly material problems go undisclosed, the securities laws provide shareholders a path to accountability." -- Joseph E. Levi, Esq.

Submit your information to join the recovery or call Joseph E. Levi, Esq. at (212) 363-7500.

Levi & Korsinsky, LLP -- Top 50 securities litigation firm (ISS, seven consecutive years). Over 70 professionals. Hundreds of millions recovered.

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