NEW YORK, May 03, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been 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 during the period of November 4, 2022 through April 11, 2024, inclusive (“the Class Period”). Investors have until June 28, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
On April 11, 2024, Malibu disclosed that a lawsuit had been filed against the Company by boat dealership, Tommy’s Boats. The dealership accused Malibu of orchestrating an “intentional and fraudulent scheme on the part of its CEO, Jack Springer” that began in late 2022. The lawsuit alleges that Malibu pressured Tommy’s Boats to increase its floor plan capacity, as part of a scheme to manufacture and pump $100 million of its highest priced and slowest moving boat inventory into Tommy’s Boat dealerships in order to inflate Malibu’s stock value and market share. On this news, the price of Malibu shares declined by $3.34, from $41.82 on April 11, 2024 to close at $38.48 per share on April 12, 2024.
The lawsuit alleges that Malibu Boats failed to disclose to investors: (1) that the Company 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) and that, the Company’s CEO departed due to this role in this scheme.
If you purchased or otherwise acquired Malibu Boats securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
