Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Malibu Boats, Inc. (NASDAQ: MBUU) securities between November 4, 2022 and April 11, 2024. Malibu Boats is a designer, manufacturer, and marketer of recreational powerboats, including performance sport, sterndrive, and outboard boats. The Company sells boats via a network of independent dealers, including dealers operating under the common control of Tommy’s Boats (“Tommy’s”).
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The Allegations: Robbins LLP is Investigating the Allegations that Malibu Boats, Inc. (MBUU) Manipulated its Inventory to Show Greater Profit
According to the complaint, during the class period, defendants failed to disclose to investors: (1) that 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) that, as a result, the Company artificially inflated Malibu’s sales performance, market share, and stock value; (3) that the Company was withholding certain incentives and rebates from its dealers; (4) that, as a result of the foregoing, the Company faced substantial risk of litigation from one of its top dealers, Tommy’s; and (5) that the Company’s CEO departed due to this role in this scheme.
When news of the wrongdoing was revealed, the Company’s stock price fell $3.34, or 7.99%, to close at $38.48 per share on April 12, 2024. The Company’s common stock price continued to fall the next consecutive trading session, falling $2.34 or 6% to close at $36.14 per share on April 15, 2024.
What Now: You may be eligible to participate in the class action against Malibu Boats, Inc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by June 28, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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