Loses Largest Wake Boat Dealer and LawsuitsMalibu Boats filed an 8k with the SEC reporting the departure of its largest wake boat dealership group Tommy's Boats and an impending lawsuit filed by Tommy's Boats as well. Per the 8k, Tommy's Boats alleges among other things, "unjust enrichment". Tommy's Boats represented 33% of the powerboat sales category for Malibu and over 10% of the consolidated sales.
April 11th, 2024 8k SEC Filing by Malibu Boats:
www.sec.gov
Trade Only article:
www.tradeonlytoday.com
The article details that the lawsuit alleges possible nasty items:
“engaged in an elaborate scheme to overmanufacture and pump nearly $100 million of its highest priced, highest margin, slow moving inventory into fifteen (15) Tommy’s dealerships (collectively, “Tommy’s”) in order to artificially inflate Malibu’s sales performance, artificially claim increased market share in the industry, and artificially inflate its stock value during an obvious downturn in the recreational powerboat industry.”
