NEW YORK, April 28, 2024 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Malibu Boats, Inc. (“Malibu Boats” or the “Company”) (NASDAQ: MBUU). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Malibu Boats and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On April 11, 2024, Malibu Boats disclosed that Tommy’s Boats (“Tommy’s”), a longtime dealer partner of Malibu Boats, filed a lawsuit against Malibu Boats in federal court, alleging that the Company had delivered some $100 million worth of inventory to Tommy’s in an effort to artificially inflate Malibu Boats’ stock price and market share. The lawsuit alleges that Malibu Boats effectively forced Tommy’s to bring higher-priced but harder to sell boats onto its lots, making it “impossible” for Tommy’s to meet its sales targets, thereby leaving Tommy’s unable to meet various financial obligations associated with its sales. A Raymond James analyst subsequently downgraded Malibu Boats, saying that the lawsuit compounded already-existing difficulties related to weaker demand and a shakeup within Malibu Boats’ leadership.
Following the lawsuit and downgraded, Malibu Boats’ stock price fell $5.68 per share, or 13.58%, over the following two trading days, to close at $36.14 per share on April 15, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
