The U.S. District Court in Minnesota has dismissed in its entirety and with prejudice the consolidated securities class action complaint filed against Gander Mountain Company and certain of its officers and directors. Plaintiffs have 30 days from the date judgment is entered in which to file a notice of appeal.
The original complaint charged Gander Mountain and company executives with violations of the Securities Exchange Act. The complaint alleged that the GMTN failed to disclose and misrepresented information about co-branded credit card promotions, inventory levels and expansion plans. The suit claimed that as a result of the misinformation, the defendants lacked a reasonable basis for their positive statements about the company's growth and prospects.
