SAN FRANCISCO, May 31, 2024 (GLOBE NEWSWIRE) — Hagens Berman alerts investors in Malibu Boats, Inc. (NASDAQ: MBUU) of a class-action securities lawsuit.
Am I Included? The lawsuit seeks to recover losses on behalf of investors who purchased Malibu securities between Nov. 4, 2022 and Apr. 11, 2024 and were adversely affected by the alleged fraud. If you suffered a loss in Malibu between these dates, you have until June 28, 2024 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. Follow the link below to get more information and be contacted by a member of our team:
www.hbsslaw.com/investor-fraud/MBUU
What Happened? The lawsuit alleges that Malibu made misleading statements and failed to disclose that: (1) Malibu engaged in an elaborate scheme to overproduce and channel nearly $100 million of its highest priced, highest margin, slow moving boat inventory into fifteen Tommy’s Boats dealerships; (2) by doing so, Malibu artificially inflated its sales performance, market share, and stock value; (3) Malibu withheld certain incentives and rebates from its dealers; (4) as a result of the foregoing, Malibu faced substantial risk of litigation by one of its top dealers (Tommy’s); and (5) Malibu’s CEO Jack Springer departed due to his role in the scheme.
More About the Malibu Boats, Inc. (MBUU) Class Action:
Investors began to learn the truth on Feb. 20, 2024, when Malibu announced that it and Springer “mutually agreed that Mr. Springer will cease to serve as Chief Executive Officer” and “Mr. Springer will also resign as a member of the Company’s Board of Directors[.]” No explanation for Springer’s departure was given.
Then, on Apr. 11, 2024, Malibu announced that dealer Tommy’s filed a verified lawsuit accusing Malibu and Springer of engaging in an elaborate scheme to over manufacture and pump nearly $100 million of its highest priced, highest margin, slow moving boat inventory into Tommy’s dealerships. Tommy’s alleged that these actions were inconsistent with the orders Tommy’s placed for modestly priced, lower margin, and faster moving Axis boats. Tommy’s also alleges that “[i]n 2023, with national sales forecasted to be about 50% of 2022 sales, Springer and Malibu contrived [the] scheme to artificially boost Malibu’s [s]ales and profitability by shifting the anticipated loss onto the backs of its dealers, including Tommy’s dealerships.” In addition, Tommy’s claims that Malibu refused to pay it millions of dollars in earned incentives.
These events sent the price of Malibu shares sharply lower.
What are Hagens Berman’s Next Steps? “We are investigating whether Malibu Boats may have pumped Tommy’s with excess inventory to create the false impression of sales growth and increased market share,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
How much does it cost? There is no cost or obligation to participate. If you have been affected and qualify as a class member, you may be entitled to compensation. In no case will any class member ever be asked to pay any out-of-pocket sum.
What should I do? If you invested in Malibu Boats and have substantial losses, submit your losses now »
If you’d like more information about the Malibu Boats case and our investigation, read more »
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
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