Schatz & Nobel, P.C. Announces Class Action Lawsuit Against Gander Mountain Company HARTFORD, Conn., Jan. 28 /PRNewswire/ -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Minnesota on behalf of all persons who purchased the common stock of Gander Mountain Company (NasdaqNM: GMTN) ("Gander Mountain") between April 20, 2004 and January 13, 2005 (the "Class Period"). Also included are those who purchased pursuant to the Company's Initial Public Offering ("IPO"). The Complaint alleges that Gander Mountain violated federal securities laws by issuing false and misleading statements. Specifically, defendants failed to disclose that: (i) the Company's co-branded credit card program was faltering; (ii) the value of the Company's inventory was overstated, causing the Company's future margins to be negatively impacted; (iii) the Company's debt capacity was jeopardized and was inconsistent with defendants' growth plans; (iv) the Company was experiencing average trends with respect to its sales; and (v) defendants' projections of positive comparable sales growth of 3%-5% and pretax income of $13 million were materially misleading. On November 9, 2004, Gander Mountain announced it had "lowered its outlook for pretax income for fiscal 2004 to a range of $8 million to $13 million, compared with the company's prior guidance of $16 million to $21 million." On January 14, 2005, the Company issued a press release lowering its outlook for pretax income for fiscal 2004 even further, "to a range of $2.0 million to $4.0 million, compared with the company's prior guidance of $8 million to $13 million." On this news, Gander Mountain's shares plummeted to a close of $9.43. During the Class Period, Gander Mountain traded as high as $24.65. If you are a member of the class, you may, no later than March 29, 2005, request that the Court appoint you as a lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s). For more information about the case, its claims, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at . To view a copy of the Complaint initiating the class action, which was not filed by Schatz & Nobel, or for more information about this case, class action cases in general, or Schatz & Nobel, please visit our website: http://www.snlaw.net/. CONTACT: Nancy A. Kulesa Wayne T. Boulton Tel.: (800) 797-5499 Website: http://www.snlaw.net/ e-mail: DATASOURCE: Schatz & Nobel, P.C. CONTACT: Nancy A. Kulesa or Wayne T. Boulton both of Schatz & Nobel, or +1-800-797-5499, Web site: http://www.snlaw.net/

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