NEW YORK, May 07, 2024 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a class action lawsuit against Malibu Boats, Inc. (“Malibu Boats” or “the Company”) (NASDAQ: MBUU) for violations of the federal securities laws on behalf of investors who purchased or acquired Malibu Boats common stock between November 4, 2022 and April 11, 2024, inclusive (the “Class Period”).
On April 29, 2024, a complaint was filed against the Company and certain of its current and former officers alleging that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) that Malibu Boats engaged in an “elaborate scheme to over manufacture and pump nearly $100 million of its highest priced, highest margin, slow moving boat inventory into fifteen [] Tommy’s dealerships”; (2) that, as a result, the Company artificially inflated Malibu’s sales performance, market share, and stock value; (3) that the Company was withholding certain incentives and rebates from its dealers; (4) that, as a result of the foregoing, the Company faced substantial risk of litigation from one of its top dealers, Tommy’s; (5) that the Company’s CEO departed due to this role in this scheme; and (6) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
When investors learned the truth, Malibu Boats’ common stock declined precipitously, injuring investors.
If you suffered a loss of more than $100,000 in Malibu Boats’ securities, and wish to participate, or learn more, click here, or please contact our attorneys at (914) 733-7256 or via email to Andrea Farah (afarah@lowey.com) or Vincent R. Cappucci Jr. (vcappucci@lowey.com).
Any investor who wishes to serve as Lead Plaintiff must act before June 28, 2024.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has recovered billions of dollars on behalf of its clients.
Contact:
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7234
Email: investigations@lowey.com
SOURCE: Lowey Dannenberg P.C.
