| COMPANY |
Malibu Boats, Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
24-cv-03254 |
| JUDGE |
The Hon. Lorna G. Schofield |
| CLASS PERIOD |
November 4, 2022 through April 11, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS JUNE 28, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or acquired Malibu Boats, Inc. (“Malibu”) (NASDAQ: MBUU) securities between November 4, 2022 and April 11, 2024, both dates inclusive (the “Class Period”).
On February 20, 2024, before the market opened, Malibu announced the company’s CEO had “mutually agreed” to cease to serve as CEO. On this news, Malibu’s stock price fell $4.33 or 9.1%, to close at $43.15 per share on February 20, 2024.
Then on April 11, 2024, Malibu disclosed that a complaint had been filed against the company alleging that it had breached its obligations under dealerships agreements with Tommy’s Boats, and engaged in a scheme to over manufacture and pump nearly $100 million of its highest priced, highest margin, slow moving boat inventory into fifteen Tommy’s Boats dealerships in order to artificially inflate Malibu’s sales performance. On this news, Malibu’s stock price fell $3.34, or 8%, to close at $38.48 per share on April 12, 2024.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Malibu Boats engaged in an “elaborate scheme to over manufacture and pump nearly $100 million of its highest priced, highest margin, slow moving boat inventory into fifteen Tommy’s dealerships”; (2) as a result, the company artificially inflated Malibu’s sales performance, market share, and stock value; (3) the company was withholding certain incentives and rebates from its dealers; (4) as a result of the foregoing, the company faced substantial risk of litigation from one of its top dealers, Tommy’s; (5) the company’s CEO departed due to his role in this scheme; and (6) as a result of the foregoing, Defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.