Malibu Boats, Inc.
Case Overview
Status: | Status: Investigating |
Company Name: | Company Name: Malibu Boats, Inc. |
Ticker: | Ticker: MBUU |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP is investigating potential claims against Malibu Boats, Inc. (“Malibu” or the “Company”) (NASDAQ: MBUU). The investigation concerns whether Malibu and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
On April 11, 2024, Malibu disclosed that a lawsuit had been filed against the Company by boat dealership Tommy’s Boats. The dealership accused Malibu of orchestrating an “intentional and fraudulent scheme on the part of its CEO, Jack Springer” that began in late 2022. The lawsuit alleges that Malibu pressured Tommy’s Boats to increase its floor plan capacity, as part of a scheme to manufacture and pump $100 million of its highest priced and slowest moving boat inventory into Tommy’s Boat dealerships in order to inflate Malibu’s stock value and market share. On this news, the price of Malibu shares declined by $3.34, or approximately 7.99%, from $41.82 on April 11, 2024 to close at $38.48 per share on April 12, 2024.
On April 11, 2024, Malibu disclosed that a lawsuit had been filed against the Company by boat dealership Tommy’s Boats. The dealership accused Malibu of orchestrating an “intentional and fraudulent scheme on the part of its CEO, Jack Springer” that began in late 2022. The lawsuit alleges that Malibu pressured Tommy’s Boats to increase its floor plan capacity, as part of a scheme to manufacture and pump $100 million of its highest priced and slowest moving boat inventory into Tommy’s Boat dealerships in order to inflate Malibu’s stock value and market share. On this news, the price of Malibu shares declined by $3.34, or approximately 7.99%, from $41.82 on April 11, 2024 to close at $38.48 per share on April 12, 2024.