Malibu Boats(US:MBUU) GlobeNewswire News Roomยท2024-06-12 13:35Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Malibu Boats, Inc. related to a federal securities class action due to allegations of misleading practices and financial misrepresentation [1][6]. Group 1: Allegations and Legal Action - A complaint was filed against Malibu Boats alleging breach of dealership agreements and a scheme to over-manufacture nearly $100 million of high-priced, slow-moving boat inventory to inflate sales performance [3][6]. - The class action lawsuit claims that Malibu made false statements and failed to disclose critical information, including the artificial inflation of sales performance and market share, as well as withholding incentives from dealers [6]. - The lawsuit indicates that the CEO of Malibu departed due to involvement in the alleged scheme, which misled investors about the company's business and prospects [6]. Group 2: Financial Impact - Following the disclosure of the allegations, Malibu's stock price dropped by $3.34, or 8%, closing at $38.48 per share on April 12, 2024, resulting in financial injury to investors [7]. Group 3: Investor Information - Investors who suffered losses exceeding $75,000 between November 4, 2022, and April 11, 2024, are encouraged to contact Faruqi & Faruqi to discuss their legal rights and options [2][6]. - The deadline for investors to seek the role of lead plaintiff in the class action is June 28, 2024 [1].