NEW YORK, June 10, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Malibu Boats, Inc. (NASDAQ: MBUU)?
- Did you purchase your shares between November 4, 2022 and April 11, 2024, inclusive?
- Did you lose money in your investment in Malibu Boats, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Malibu Boats, Inc. (“Malibu Boats” or the “Company”) (NASDAQ: MBUU) between November 4, 2022 and April 11, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Malibu Boats securities, and/or would like to discuss your legal rights and options please visit Malibu Boats, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
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.
If you purchased or acquired Malibu Boats securities, and/or would like to discuss your legal rights and options please visit Malibu Boats, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
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
