SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against Malibu Boats, Inc. - MBUU
NEW YORK, May 22, 2024 /PRNewswire/ --Pomerantz LLP announces that a class action lawsuit has been filed against 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, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Malibu Boats and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until June 28, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Malibu Boats Place securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On February 20, 2024, Malibu Boats announced that the Company and its Chief Executive Officer ("CEO"), Jack Springer ("Springer"), had "mutually agreed" that Springer would cease to serve as CEO.
On this news, Malibu Boats' stock price fell $4.33 per share, or 9.1%, to close at $43.15 per share on February 20, 2024.
Then, 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.
Following news of the lawsuit, 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.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
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