Malibu Boats(US:MBUU) prnewswire.comยท2024-05-16 21:35Core Viewpoint - A class action lawsuit has been filed against Malibu Boats, Inc. for alleged securities fraud and unlawful business practices, with a deadline for shareholders to join the lawsuit by June 28, 2024 [2]. Group 1: Company Developments - On February 20, 2024, Malibu Boats announced the mutual agreement for CEO Jack Springer to cease his role, resulting in a stock price drop of $4.33 per share, or 9.1%, closing at $43.15 [3]. - On April 11, 2024, Malibu Boats faced a lawsuit from Tommy's Boats, alleging that the company delivered approximately $100 million worth of inventory to artificially inflate its stock price and market share, which negatively impacted Tommy's sales targets [4]. - Following the lawsuit news, Malibu Boats' stock price fell by $5.68 per share, or 13.58%, closing at $36.14 on April 15, 2024 [5]. Group 2: Legal Context - The class action lawsuit concerns whether Malibu Boats and its officers engaged in securities fraud or other unlawful business practices, with the opportunity for shareholders to become Lead Plaintiffs if they acquired securities during the Class Period [2]. - Pomerantz LLP, the firm handling the lawsuit, is recognized for its expertise in corporate, securities, and antitrust class litigation, having recovered billions in damages for class members over its 85-year history [6].