Any and All Boats That Malibu Sold to Tommy's Boats Were Ordered by Tommy's
Malibu Intends to Vigorously Defend Itself While Minimizing Any Short-Term Impact on Existing Dealer Partners and Customers
LOUDON, Tenn., April 11, 2024 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (NASDAQ:MBUU) ("Malibu" or the "Company") today issued the following statement in connection with a lawsuit filed by Tommy's Boats ("Tommy's") and its related parties in the United States District Court for the Eastern District of Tennessee on April 10, 2024:
"The Company intends to vigorously defend itself against the claims made by Tommy's. Tommy's was formerly a longtime dealer partner of ours, and we ended our relationship due to concerns about Tommy's own conduct and its financial soundness. Indeed, Tommy's lender is also suing it for violating the agreements Tommy's used to finance the purchase of our boats. We will always act to protect our business, our customers and our shareholders.
As such, we believe it is important to clarify the following points:
- Any and all boats that Malibu sold to Tommy's were ordered by Tommy's. Malibu only sold boats to Tommy's that Tommy's ordered, and Malibu fulfilled its obligations under its agreements with Tommy's. We value our relationships with our dealer partners, and we live up to our agreements.
- Malibu took action in light of Tommy's sales of boats out of trust. In the fall of 2023, Malibu first became aware that Tommy's was selling boats out of trust (selling boats ...