Malibu Boats (MBUU) Under Fire After Securities Class Action Filed – Hagens Berman
/EIN News/ -- SAN FRANCISCO, June 17, 2024 (GLOBE NEWSWIRE) -- Hagens Berman alerts investors in Malibu Boats, Inc. (NASDAQ: MBUU) of a class-action securities lawsuit. Investors who suffered substantial losses to take action now by submitting your losses here.
Boat maker 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 engaged 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 undermines confidence in the market.”
The complaint pleads that Malibu executives, led by former CEO Jack Springer, devised a scheme to overproduce and channel nearly $100 million of high-priced, slow-moving boat inventory into dealerships owned by Tommy’s Boats, a major Malibu distributor. This strategy artificially inflated Malibu's sales performance, market share, and stock price.
Furthermore, the lawsuit claims that Malibu withheld certain incentives and rebates from its dealers, including Tommy's Boats. This alleged withholding is said to have created tension and ultimately led to a legal battle between Malibu and Tommy’s.
The truth allegedly emerged over a series of partial disclosures beginning first on Feb. 20, 2024, when Malibu announced the departure of CEO Jack Springer, citing a "mutual agreement." No explanation was provided for his resignation.
Then, on Apr. 11, 2024, Tommy's Boats filed a lawsuit against Malibu, accusing the company and Springer of manipulating sales figures and pressuring dealerships to take on unwanted inventory. This news triggered a significant decline in Malibu’s stock price.
If you invested in Malibu and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
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