BENSALEM, Pa., May 6, 2024 /PRNewswire/ -- Law Offices of Howard G. Smith announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Malibu Boats, Inc. ("Malibu Boats" or the "Company") (NASDAQ: MBUU).
Class Period: November 4, 2022 – April 11, 2024
Lead Plaintiff Deadline:June 28, 2024
Investors suffering losses on their Malibu Boats investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 215-638-4847 or by email to howardsmith@howardsmithlaw.com.
The complaint filed alleges that, throughout 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; (5) that the Company's CEO departed due to this role in this scheme; and (6) that, 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.
To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
View original content:https://www.prnewswire.com/news-releases/mbuu-investors-have-opportunity-to-lead-malibu-boats-inc-securities-fraud-lawsuit-302136366.html
SOURCE Law Offices of Howard G. Smith
