SAN FRANCSCO, June 20, 2024 (GLOBE NEWSWIRE) — Hagens Berman warns investors of Malibu Boats, Inc. (NASDAQ: MBUU) a securities class action lawsuit. Investors who have suffered significant losses can now take action by reporting their losses here.
School lesson: 4 November 2022 – 11 April 2024
Deadline for lead plaintiffs: June 28, 2024
Visit: www.hbsslaw.com/investor-fraud/mbuu
Contact the company now: [email protected]
844-916-0895
Class Action Lawsuit against Malibu Boats, Inc. (MBUU):
Boat builder Malibu Boats, Inc. (MBUU) is facing a class action lawsuit alleging accounting irregularities that inflated sales figures. The lawsuit seeks to recover damages for investors who purchased Malibu securities between November 4, 2022 and April 11, 2024.
“We are investigating whether Malibu was involved in an elaborate scheme to mislead investors about the company’s true financial health,” said Reed Kathrein, a partner at Hagens Berman who is leading the investigation. “This alleged misconduct caused significant losses to investors and undermined confidence in the market.”
The lawsuit alleges that Malibu executives, led by former CEO Jack Springer, devised a plan to overproduce and funnel nearly $100 million worth of high-priced, slow-selling boats into dealerships at Tommy’s Boats, a major Malibu distributor. This strategy artificially inflated Malibu’s sales, market share and stock price.
In addition, the lawsuit alleges that Malibu withheld certain incentives and rebates from its dealers, including Tommy’s Boats. This alleged withholding is said to have caused tension and ultimately led to litigation between Malibu and Tommy’s.
The truth reportedly came to light over the course of a series of partial disclosures that began on February 20, 2024, when Malibu announced the resignation of CEO Jack Springer, citing a “mutual agreement.” No explanation for his resignation was given.
Then, on April 11, 2024, Tommy’s Boats filed a lawsuit against Malibu, accusing the company and Springer of manipulating sales figures and pressuring dealers to take on unwanted inventory. This news triggered a significant drop in Malibu’s stock price.
If you have invested in Malibu and suffered significant losses or have knowledge that could assist the company’s investigation, report your losses now »
If you would like more information about the Malibu Boats case and our investigation, read on »
About Hagens Berman
Hagens Berman is a global complex plaintiffs’ rights litigation firm with a focus on corporate responsibility. The firm has a robust practice representing investors as well as whistleblowers, employees, consumers and others in cases that achieve real results for those harmed by corporate negligence and other wrongdoing. Hagens Berman’s team has won more than $2.9 billion in this area of law. For more information about the firm and its successes, visit hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
