MALIBU BOATS, INC. SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
Malibu Boats, Inc.
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired Malibu Boats, Inc. (“Malibu Boats” or the “Company”) (NASDAQ: MBUU) securities between November 4, 2022 and April 11, 2024, inclusive. The lawsuit seeks to recover Malibu Boats shareholders’ investment losses.
If you purchased securities in Malibu Boats between November 4, 2022 and April 11, 2024, inclusive, and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
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 a material amount to dealers operating under the common control of Tommy’s Boats (“Tommy’s”). Malibu Boats recognizes a sale when the dealer takes delivery of the boat, regardless of whether it has been sold to the end user.
According to the Complaint, Defendants failed to disclose to investors that: (1) Malibu Boats pumped nearly $100 million of its highest priced, highest margin, slow moving boat inventory into fifteen Tommy’s dealerships (the “Scheme”); (2) the Company artificially inflated Malibu Boats’ sales performance, market share, and stock value; and (3) the Company faced substantial risk of litigation from Tommy’s. The Scheme enabled the Company to represent that it experienced strong wholesale demand and sales, even as sales to the end user declined.
On April 11, 2024, after the market closed, Malibu Boats revealed, among other things, that Tommy’s had filed a complaint against the Company related to the Scheme. On this news, Malibu Boats’ stock price fell $3.34 per share, or 7.99%, to close at $38.48 per share on April 12, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than June 28, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
