NEW YORK, April 30, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Malibu Boats, Inc. ("Malibu Boats" or the "Company") (NASDAQ:MBUU) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired Malibu Boats securities between November 4, 2022 and April 11, 2024, both dates inclusive (the "Class Period"). Investors have until June 28, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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On February 20, 2024, before the market opened, Malibu Boats announced the Company's Chief Executive Officer ("CEO") had "mutually agreed" to cease to serve as CEO.
On this news, the Company's stock price fell $4.33 or 9.1%, to close at $43.15 per share on February 20, 2024, on unusually heavy trading volume.
Then, on April 11, 2024, after the market closed, Malibu Boats revealed that Tommy's Boats ("Tommy's") had filed a complaint against the Company. After the Company disclosed news of the lawsuit, various media outlets publicized the Complaint, which alleged the Company "engaged in an elaborate scheme" to "pump nearly $100 million" worth of inventory into Tommy dealerships since late 2022 to "artificially inflate Malibu's sales ...