Lawsuit Filed Against Malibu Boats for Securities ViolationsLawsuit Filed Against Malibu Boats for Securities Violations New York, June 24, 2024 – Lowey Dannenberg PC, a consumer and investor recovery law firm, announces the filing of a class action lawsuit against Malibu Boats, Inc. for alleged violations of federal securities laws. The lawsuit is brought on behalf of investors who purchased Malibu Boats’ common stock between November 4, 2022 and April 11, 2024. According to the complaint filed on April 29, 2024, the company and certain officers made false and misleading statements about its sales performance, market share, and stock value. The lawsuit alleges that the company engaged in an elaborate scheme to overmanufacture and inflate inventory, withheld incentives from dealers, and faced significant litigation risk. On April 29, 2024, Malibu Boats’ CEO resigned due to his role in the alleged plan. As a result of the revelations, the company’s stock price fell precipitously. Investors who have lost more than $100,000 in Malibu Boats securities can contact Lowey Dannenberg by June 28, 2024 to participate in the lawsuit. About Lowey Dannenberg: Lowey Dannenberg is a national law firm specializing in representing investors in cases of corporate fraud and malfeasance. The firm has recovered billions of dollars in damages for its clients. Contact Information: Lowey Dannenberg PC 44 South Broadway, Suite 1100 White Plains, NY 10601 Phone: (914) 733-7234 Email: [email protected]
NEW YORK, June 24, 2024 (GLOBE NEWSWIRE) — Lowey Dannenberg PC, a leading consumer and investor recovery law firm, announces the filing of a class action lawsuit against Malibu Boats, Inc. (“Malibu Boats” or “Malibu Boats” or “the Company”) (NASDAQ: MBUU) for violations of the federal securities laws on behalf of investors who purchased or acquired shares of Malibu Boats common stock between November 4, 2022 and April 11, 2024 (the “ Class Period”).
On April 29, 2024, a complaint was filed against the Company and certain of its current and former officers, alleging that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose the following: (1 ) that Malibu Boats engaged in an “elaborate scheme to overmanufacture and pump nearly $100 million of the highest-priced, slow-moving, highest-margin boat inventory to fifteen () Tommy’s dealers”; (2) that as a result, the Company artificially inflated Malibu’s sales performance, market share, and stock value; (3) that the Company withheld certain incentives and rebates from its dealers; (4) that as a result of the foregoing, the Company was at significant risk of litigation by one of its top dealers, Tommy’s; (5) that the Company’s CEO left because of this role in this plan; and (6) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
When investors discovered the truth, Malibu Boats common stock fell precipitously, harming investors.
If you have lost more than $100,000 in Malibu Boats securities and would like to participate or would like more information, click here or contact our attorneys at (914) 733-7256 or via email to Andrea Farah (afarah@ lowey.com) or Vincent R. Cappucci Jr. ([email protected]).
Any investor seeking to serve as lead plaintiff must take action to do so June 28, 2024.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors who have suffered financial losses as a result of corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience prosecuting multi-million dollar lawsuits and has recovered billions of dollars on behalf of its clients.
Contact:
Lowey Dannenberg PC
44 South Broadway, Suite 1100
White Plains, NY 10601
Phone: (914) 733-7234
Email: [email protected]
SOURCE: Lowey Dannenberg PC
