Sep. 30, 2009 (Business Wire) -- Levi & Korsinsky (“L&K”) is investigating the Board of Directors of Gander Mountain Company (“Gander Mountain” or the “Company”) (NasdaqGM: GMTN) for possible breaches of fiduciary duty and other violations of state law in connection with the announced going-private transaction. Under the terms of the transaction, the Company's two largest shareholders, Gratco LLC and Holiday Stationstores Inc., will pay Gander Mountain shareholders that have less than 30,000 shares about $5.15 per share while shareholders holding more than 30,000 shares will retain their shares and not be paid for them.

The investigation concerns whether the Gander Mountain Board of Directors breached their fiduciary duties to Gander Mountain shareholders given that the Company's shares traded at $6.49 as recently as June 29, 2009 and the Company has a book value in excess of $6.37 per share. The going-private transaction is expected to close in early 2010.

If you own common stock in Gander Mountain and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/gmtn1.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.