Marcus being sued.

[Halmfamily]

Thought this was interesting. Not sure if this was posted yet, did not see it. Marcus Lemonis being sued and complainants trying to get class action status.

http://rvdailyreport.com/industry/lawsuit-names-cnbc-star-lemonis-in-alleged-financial-fraud/

[apr67]

Likley most of us wouldn't know about this except for these guys trying to profit from it (rv advisor). Every facebook ad I see about Camping Worlds lawsuit is funded by them.

http://rvdailyreport.com/industry/rv-advisor-offers-lifeline-to-camping-world-customers/

[Splashers3]

My wife's 403(B) was involved in a class action law suit against a big insurance company....I read the ENTIRE package we were sent....the plaintiffs weren't even going to get half any money that was awarded. The lawyers were getting the largest chunk.

In the end, we got $10 bucks.....and she had 100K+ with this company in various mutual funds......just for principle, I never cashed the check.

[CavemanCharlie]

1968mooney wrote:
Think of all the money he could save if he closed this Forum. :S

Good Point.

Of course if,, and it's a big IF,, camping world goes into some sort of solvency this forum could end up getting closed anyway.

I'm not saying that is going to happen. I don't understand any of this sorts of stuff. I avoid money when I can. :B

I get a salary, I live within my means, and I keep my debt low and my savings high. A strange sort of lifestyle that no one understands .

[drsteve]

irishtom29 wrote:

mockturtle wrote:
Yes, class action suits only benefit the attorneys involved.

They benefit society in general by being punitive.

Yep, they help keep these guys honest. If not for class action suits, there would be little disincentive to ripping off 10 million people for 10 bucks each.

[ol_Bombero-JC]

rk911 wrote:
clicky

Until you posted a clicky - I was considering a class action (errors and omissions) against the OP.

;)...:W

[irishtom29]

mockturtle wrote:
Yes, class action suits only benefit the attorneys involved.

They benefit society in general by being punitive.

[1968mooney]

Think of all the money he could save if he closed this Forum. :S

[Road_Phantom]

I'm sure his billions are in overseas banks and well protected, so he could care less.

[RGar974417]

My question is, why did the stock drop so much?

[drsteve]

2012Coleman wrote:
So being called "The Profit" doesn't equate with being profitable? :H

Marcus means HIS profit, not yours...

[Rice]

mockturtle wrote:
Yes, class action suits only benefit the attorneys involved.

I'm very happy that there was a class action suit against Norcold, and that I joined the class. Lawyers did a lot of work without any guarantee of being paid. I filled out a short form and money dropped into my lap.

[drsteve]

wa8yxm wrote:
A stock market investor is mad because his stock lost value...

That's not why they're mad... From the full article:

The lawsuit alleges that the defendants made false and misleading statements about Camping World’s financial performance, including its historical financial results and its integration and operation of the newly acquired Gander stores, and concealed material weaknesses in the company’s disclosure controls and internal controls over financial reporting, leading to a 37 percent artificial inflation of Camping World’s reported 2016 basic earnings per share.

If they indeed misrepresented the company's past performance and earnings in the manner alleged, then they crossed the line between optimism and fraud. This is why we have courts.

[2012Coleman]

westernrvparkowner wrote:

ksg5000 wrote:
LOL. Many who has been senior officer of major company gets used to being named in lawsuits - comes with the job.

You are correct. Unfortunately it is yet another unnecessary cost of doing business that ultimately gets passed onto the customer, i.e. you and me.

Not a worry for me. I'm done buyiong anything from CW.

[westernrvparkow]

ksg5000 wrote:
LOL. Many who has been senior officer of major company gets used to being named in lawsuits - comes with the job.

You are correct. Unfortunately it is yet another unnecessary cost of doing business that ultimately gets passed onto the customer, i.e. you and me.