Rough waters ahead for Malibu Boats as dealer lawsuit weighs - analyst [Seeking Alpha]
Malibu Boats, Inc. (MBUU)
Last malibu boats, inc. earnings: 2/6 07:00 am
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investors.malibuboats.com/investor-relations/default.aspx
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Source: Seeking Alpha
Raymond James as a result of a lawsuit from one of the company's largest dealerships. Last week, Tommy's Boats, whose dealerships account for 33% of Malibu's powerboat sales, filed a lawsuit alleging the company delivered $100M of inventory to Tommy's Boats to artificially inflate its stock value and market share during an “obvious downturn in the recreational powerboat industry.” In an effort to accommodate the additional supply, Tommy's more than tripled its floorplan credit line to $160M to make room for 25 weeks of inventory. The dealership further alleges that Malibu Boats ( MBUU ) withheld millions of dollars in earned incentives, which forced Tommy's to default on its floorplan agreement with its lender. Shares tumbled 8% Friday on the news. Malibu Boats ( MBUU responded that all inventory was ordered by Tommy's and that the business relationship between the two was severed because of concerns about the dealerships' conduct and financial soundness. “While the potent
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MBUU
Earnings
- 8/29/24 - Miss
MBUU
Sec Filings
- 9/19/24 - Form ARS
- 9/19/24 - Form DEF
- 9/19/24 - Form 8-K
- MBUU's page on the SEC website