MBUU INVESTOR ALERT: Robbins Geller Rudman & Dowd LLP Announces that Malibu Boats, Inc. Investors with Substantial Losses Have Opportunity to Lead the Malibu Boats Class Action Lawsuit

/EIN News/ -- SAN DIEGO, April 29, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that the Malibu Boats class action lawsuit seeks to represent purchasers or acquirers of Malibu Boats, Inc. (NASDAQ: MBUU) securities between November 4, 2022 and April 11, 2024, inclusive (the “Class Period”). Captioned Yoon v. Malibu Boats, Inc., No. 24-cv-03254 (S.D.N.Y.), the Malibu Boats class action lawsuit charges Malibu Boats and certain of Malibu Boats’ top current and former executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Malibu Boats class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-malibu-boats-inc-class-action-lawsuit-mbuu.html

You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.

CASE ALLEGATIONS: Malibu Boats is a designer, manufacturer, and marketer of recreational powerboats. Malibu Boats sells boats via a network of independent dealers, including dealers operating under the common control of Tommy’s Boats.

The Malibu Boats class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) 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 [Boat’s] dealerships”; (ii) as a result, Malibu Boats artificially inflated its sales performance, market share, and stock value; (iii) Malibu Boats was withholding certain incentives and rebates from its dealers; (iv) consequently, Malibu Boats faced substantial risk of litigation from one of its top dealers, Tommy’s Boats; and (v) Malibu Boats’ CEO departed due to his role in this scheme.

The Malibu Boats class action lawsuit further alleges that on February 20, 2024, Malibu Boats announced that its CEO, defendant Jack Springer, and Malibu Boats had “mutually agreed” defendant Springer would cease to serve as CEO. On this news, the price of Malibu Boats stock fell more than 9%, according to the complaint.

Then, on April 11, 2024, the complaint further alleges that Malibu Boats revealed that Tommy’s Boats had filed a lawsuit against Malibu Boats, alleging that Malibu Boats “engaged in an elaborate scheme” to “pump nearly $100 million” worth of inventory into Tommy’s Boats dealerships since late 2022 to “artificially inflate Malibu’s sales performance.” On this news, the price of Malibu Boats stock fell nearly 14% over two trading sessions, according to the Malibu Boats class action lawsuit.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Malibu Boats securities during the Class Period to seek appointment as lead plaintiff in the Malibu Boats class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Malibu Boats class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Malibu Boats class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Malibu Boats class action lawsuit.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm was ranked #1 on the ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller topped the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

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Contact:
        Robbins Geller Rudman & Dowd LLP
        J.C. Sanchez, Jennifer N. Caringal
        655 W. Broadway, Suite 1900, San Diego, CA 92101
        800-449-4900
        info@rgrdlaw.com