MBUU INVESTOR ALERT: Bronstein, Gewirtz & Grossman LLC announces that investors in Malibu Boats, Inc. who have suffered substantial losses have the opportunity to pursue a class action lawsuit!

NEW YORK, May 8, 2024 /PRNewswire/ — Attorney Advertising — Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Malibu Boats , Inc. (“Malibu Boats” or “the Company”) (NASDAQ: MBUU) and certain of its officers.

Class definition:

This lawsuit seeks damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired the securities of Malibu Boats between November 4, 2022 and November 11 April 2024 inclusive (the “Class Period”). These investors are encouraged to join this deal by visiting the company’s website: bgandg.com/MBUU.

Case details:

According to the complaint, Malibu Boats is a designer, manufacturer and marketer of recreational powerboats, including performance sport boats, sterndrives and outboards. The company claims to be a market leader in the performance sport boat category through its Malibu and Axis boat brands. The Company sells boats through a network of independent dealers, including dealers operating under common control of Tommy’s Boats (“Tommy’s”). During fiscal 2023, sales to Tommy’s dealers represented approximately 10.7% of the Company’s consolidated net sales and approximately 23.3% of consolidated sales of Malibu brand boats.

On February 20, 2024, before the market opened, Malibu Boats announced that the company’s CEO, defendant Jack Springer, had “mutually agreed” to cease serving as CEO.

Following this news, the company’s stock price fell $4.33, or 9.1%, to close at $43.15 per share on February 20, 2024, on unusually high trading volume, according to the complaint.

The complaint alleges that throughout the Class Period, Malibu Boats made materially false and/or misleading statements, and failed to disclose material adverse facts regarding the Company’s business, operations and prospects. . Specifically, Defendants failed to disclose to investors:

(1) that Malibu Boats engaged in an “elaborate scheme to overmanufacture and pump nearly $100 million of its most expensive, highest-margin, slow-moving boat inventory into fifteen () dealerships Tommy’s,” according to the complaint for a lawsuit filed by Tommy’s. against the Malibu boats;

(2) that as a result, the Company artificially inflated Malibu’s business performance, market share and stock value;

(3) that the Company retained certain incentives and rebates from its dealers;

(4) that as a result of the foregoing, the Company faced a substantial risk of litigation from one of its principal dealers, Tommy’s;

(5) the departure of the CEO of the Company due to his role in this project; And

(6) that as a result of the foregoing, Defendants’ positive statements regarding the Company’s business, operations and prospects were materially misleading and/or lacked a reasonable basis.

According to the complaint, after Malibu Boats revealed that Tommy’s had filed a lawsuit against the company, the company’s stock price fell $3.34, or 7.99%, to close at 38, $48 per share on April 12, 2024, due to unusually high trading volume. The price of the Company’s common stock continued to decline in the next consecutive trading session, falling $2.34, or 6%, to close at $36.14 per share on April 15, due to a unusually high trading volume.

As a result, according to the Complaint, as a result of Defendants’ wrongful acts and omissions and the precipitous decline in the market value of the Company’s securities, Malibu Boats investors suffered significant losses and damages.

And after?

A class action lawsuit has already been filed. If you would like to view a copy of the complaint, you can visit the firm’s website: bgandg.com/MBUU or you can contact Peretz Bronstein, Esq. or its Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss at Malibu Boats, you have until June 28, 2024 to ask the court to appoint you as lead plaintiff. Your ability to participate in any recovery does not require that you be the lead plaintiff.

There is no cost to you

We represent investors in class actions on a contingency fee basis. This means that we will ask the court to reimburse us for out-of-pocket expenses and attorney’s fees, usually a percentage of the total recovery, only if we win our case.

Why Bronstein, Gewirtz & Grossman:

Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm representing investors in securities fraud class actions and shareholder derivative lawsuits. Our firm has recovered hundreds of millions of dollars for investors nationwide.

Lawyer advertising. Previous results do not guarantee similar results.

Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller,
332-239-2660 | [email protected]

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