Malibu Boats(US:MBUU) prnewswire.comยท2024-05-23 09:45Core Viewpoint - A class action securities lawsuit has been filed against Malibu Boats, Inc. alleging securities fraud that affected investors between November 4, 2022, and April 11, 2024 [1][2]. Group 1: Allegations of Fraud - The lawsuit claims 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]. - As a result of this scheme, the company allegedly inflated its sales performance, market share, and stock value [2]. - The complaint also states that Malibu Boats was withholding certain incentives and rebates from its dealers, leading to substantial litigation risks from one of its top dealers, Tommy's [2]. - The CEO of the company departed due to his involvement in this scheme, which contributed to misleading positive statements about the company's business and operations [2]. Group 2: Legal Process and Participation - Investors who suffered losses during the relevant time frame have until June 28, 2024, to request to be appointed as lead plaintiff, although participation in any recovery does not require serving as a lead plaintiff [3]. - Class members may be entitled to compensation without any out-of-pocket costs or fees, with no obligation to participate [3]. Group 3: Firm Background - Levi & Korsinsky, LLP has a strong track record, having secured hundreds of millions of dollars for aggrieved shareholders over the past 20 years and is recognized as one of the top securities litigation firms in the United States [4].