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MBUU INVESTOR ALERT: Edelson Lechtzin LLP Urges Malibu Boats, Inc. (NASDAQ: MBUU) Shareholders With Substantial Losses To Seek Legal Counsel About The Pending Securities Fraud Class Action

NEWTOWN, PA, May 8, 2024 — Edelson Lechtzin LLP, a leading class action law firm, is investigating securities fraud claims on behalf of all investors of Malibu Boats, Inc. (NASDAQ: MBUU) between November 4, 2022, and April 11, 2024, inclusive (the “Class Period”).

Investors who purchased Malibu Boats stock may move the U.S. District Court for the Southern District of New York to appoint them as lead plaintiff, no later than June 28, 2024. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at [email protected]. A copy of the class action complaint can be viewed HERE

Background on Malibu Boats, Inc.

Malibu Boats is a manufacturer of recreational powerboats, offering a range of models including performance sport, sterndrive, and outboard boats. They distribute their boats through independent dealerships, with Tommy’s Boats being a significant contributor to their sales. This distribution strategy assists Malibu Boats to access a broader customer base and maintain competitiveness in the market, while also maintaining strong partnerships with their dealers.

The Securities Fraud Claims

On March 12, 2024, after the stock market had closed, Luna filed with the SEC a current report on Form 8-K. The report revealed that the company would need to restate its financials for the second and third quarters of 2023. Additionally, they submitted a late filing notice to the SEC on Form NT 10-K. On this news, the price of Luna stock fell $2.24 per share, or 35.78%, to close at $4.02 per share on March 13, 2024.

On February 20, 2024, Malibu Boats announced that their CEO Jack Springer had “mutually agreed” to step down from his position before the market opened. On this news, the price of Malibu Boats stock fell $4.33, or 9.1%, to close at $43.15 per share, on unusually heavy trading volume.

On April 11, 2024, Malibu Boats revealed that a lawsuit had been filed against them by Tommy’s, alleging fraud. The lawsuit claims that since late 2022, Malibu Boats delivered nearly $100 million worth of inventory to Tommy’s dealerships, including their highest-priced, slowest-moving “Malibu” branded boats. Malibu Boats recognized sales upon delivery to dealers, regardless of actual end-user sales, allowing them to inflate reported wholesale demand and sales. The Tommy’s complaint also alleges that Malibu admitted to intentionally flooding Tommy’s with inventory and withheld incentives from Tommy’s for nearly two years before severing ties with the dealership.

On this news, the price of Malibu Boats’ stock fell $3.34, or 7.99%, to close at $38.48 per share, on unusually heavy trading volume. The Company’s common stock price continued to fall the next trading session, dropping $2.34, or 6%, to close at $36.14 per share on April 15, 2024, on unusually heavy trading volume.

For more information, please contact:

Marc H. Edelson, Esq.
Eric Lechtzin, Esq.

411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
Email: [email protected]

Edelson Lechtzin

Edelson Lechtzin LLP is a leading class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.

This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Free Case Review

If you believe you were the victim of securities fraud, click “Join Investigation” below to provide us the information we need to determine your eligibility. If you qualify, someone from our firm will contact you for a free consultation regarding a potential lawsuit to recover your losses.

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