PHILADELPHIA, May 08, 2024 (GLOBE NEWSWIRE) — Berger Montague announces that a class action lawsuit was filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Malibu Boats, Inc. (“Malibu Boats” or the “Company”) (NASDAQ: MBUU) securities.
If you suffered losses as a result of your investment in Malibu Boats (NASDAQ: MBUU) and would like to learn about a potential recovery, CLICK HERE.
The lawsuit has been filed against Malibu Boats on behalf of purchasers of Malibu Boats securities between November 4, 2022 and April 11, 2024, inclusive (the “Class Period”).
The deadline for Investors who purchased or acquired Malibu Boats securities during the Class Period to seek to be appointed as a lead plaintiff representative of the class is June 28, 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”). In fiscal year 2023, sales to Tommy’s dealers represented approximately 10.7% of the Company’s consolidated net sales and approximately 23.3% of consolidated sales for Malibu brand boats.
According to the lawsuit, investors first began to learn the truth about the Company on February 20, 2024, when Malibu Boats announced that the Company and its CEO Jack Springer had “mutually agreed” to cease to serve as CEO.
Following this news, the Company’s stock price fell $4.33 or 9.1%, to close at $43.15 per share on February 20, 2024, on unusually heavy trading volume.
Then, on April 11, 2024, after the market closed, Malibu Boats revealed that Tommy’s had filed a complaint against the Company which alleged that Malibu Boats had “engaged in an elaborate scheme” to “pump nearly $100 million” worth of inventory into Tommy dealerships since late 2022 to “artificially inflate Malibu’s sales performance.”
Following this news, the Company’s stock price fell $3.34, or 7.99%, to close at $38.48 per share on April 12, 2024, on unusually heavy trading volume. 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, on unusually heavy trading volume.
For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at jmaro@bm.net or (267) 637-3176, or Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or CLICK HERE.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. 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.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
James Maro, Senior Counsel
Berger Montague
(267) 637-3176
jmaro@bm.net
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
