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MBUU.US
id: 1208

Malibu Boats (MBUU) Sales Inflating Case

S.D. New York
Court
1:24-cv-03254
Case number
04 Nov 2022
Class period Start
11 Apr 2022
Class period End
  • $MBUU stockholder filed a claim vs. Malibu Boats for engaging in a scheme with the goal of distorting information about its business, operations, and prospects.
  • On February 20, 2024, $MBUU fell 9.1%, losing $88M+ of shareholder value on the news of CEO leaving the Company.
  • Then in two consecutive trading sessions on April 12 and 15, 2024, $MBUU lost $116M of shareholder value when the Company disclosed it was being sued by a major dealer, Tommy’s.
Lawsuit filed by Tommy’s accuses Malibu of engaging in a scheme to artificially inflate its sales, market share, and stock value. The scheme included
  • over manufacturing
  • moving its highest priced, highest margin, slow moving boat inventory into dealerships of one of its top dealers, Tommy's
  • recognizing a sale when the dealer takes delivery of the boat, not when it has been sold to the end user.
  • withhholding payment of incentives for nearly two years, then suddenly cutting ties with Tommy’s.
It also claims that Company's CEO departed due to his role in this scheme.

Considering all the representations, investors have reasons to suspect that Malibu Boats was involved in a scheme to artificially inflate its major financial and business indicators.

Malibu investors can join this case to be notified about potential recovery.

One of the investors has already filed a class action against the Company for engaging in a scheme to misrepresent its business and financial performance in S.D. New York court.
Case Status
Attorney Investigation
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
12 April 2024
Filing date
29 April 2024
Judge
Hon. Lorna G. Schofield
Collecting participants…

Malibu Boats Inc

Malibu Boats, Inc. designs, engineers, manufactures, markets, and sells a range of recreational powerboats. It operates through three segments: Malibu, Saltwater Fishing, and Cobalt. The company pr...

    Ticker
    MBUU.US
    ISIN
    US56117J1007
    CIK
    1590976
    Sector
    Consumer Cyclical
    Industry
    Recreational Vehicles
    Country
    USA
    Address
    5075 Kimberly Way, Loudon, TN, United States, 37774