Malibu Boats Comments on Litigation Filed by Former Dealer
2024年4月12日 - 6:35AM
Malibu Boats, Inc. (Nasdaq: MBUU) (“Malibu” or the “Company”) today
issued the following statement in connection with a lawsuit filed
by Tommy’s Boats (“Tommy’s”) and its related parties in the United
States District Court for the Eastern District of Tennessee on
April 10, 2024:
“The Company intends to vigorously defend itself
against the claims made by Tommy’s. Tommy’s was formerly a longtime
dealer partner of ours, and we ended our relationship due to
concerns about Tommy’s own conduct and its financial soundness.
Indeed, Tommy’s lender is also suing it for violating the
agreements Tommy’s used to finance the purchase of our boats. We
will always act to protect our business, our customers and our
shareholders.
As such, we believe it is important to clarify
the following points:
- Any and all boats that Malibu sold to Tommy’s
were ordered by Tommy’s.
Malibu only sold boats to Tommy’s that Tommy’s ordered, and Malibu
fulfilled its obligations under its agreements with Tommy’s. We
value our relationships with our dealer partners, and we live up to
our agreements.
- Malibu took action in light of Tommy’s sales of boats
out of trust. In the fall of 2023, Malibu first became
aware that Tommy’s was selling boats out of trust (selling boats
that were bank collateral and not reporting the sales to the bank
or repaying the bank). Upon learning that Tommy’s was selling out
of trust, Malibu engaged with Tommy’s and M&T Bank, on numerous
occasions, regarding Tommy’s financial position and potential paths
forward. Those discussions did not result in a resolution that we
believed was in the best interest of our shareholders, dealer
partners and end-customers, and we therefore ended our relationship
with Tommy’s. We do not currently have any dealership agreements in
effect with Tommy’s.
- Tommy’s is already mired in litigation over its default
on its lending agreements. Earlier this month and in
response to, among other things, Tommy’s conduct in selling boats
out of trust, M&T Bank sued Tommy’s for breach of its lending
agreement. M&T has filed a motion to appoint a receiver over
the assets of Tommy’s.
- Malibu is working to
mitigate any disruption for our partners and customers – as well as
our business. We have been working with our dealership
network and are in discussions with strong dealer partners to limit
any service gaps in markets previously served by Tommy’s. We remain
committed to serving Malibu’s end-users in all our markets.”
About Malibu Boats, Inc.Based
in Loudon, Tennessee, Malibu Boats, Inc. (MBUU) is a leading
designer, manufacturer and marketer of a diverse range of
recreational powerboats, including performance sport, sterndrive
and outboard boats. Malibu Boats, Inc. is the market leader in the
performance sport boat category through its Malibu and Axis boat
brands, the leader in the 20’ - 40’ segment of the sterndrive boat
category through its Cobalt brand, and in a leading position in the
saltwater fishing boat market with its Pursuit and Cobia offshore
boats and Pathfinder, Maverick, and Hewes flats and bay boat
brands. A pre-eminent innovator in the powerboat industry, Malibu
Boats, Inc. designs products that appeal to an expanding range of
recreational boaters, fisherman and water sports enthusiasts whose
passion for boating is a key component of their active lifestyles.
For more
information, www.malibuboats.com, www.axiswake.com, www.cobaltboats.com, www.pursuitboats.com,
or www.maverickboatgroup.com.
Cautionary Statement Concerning Forward Looking
Statements
This press release includes forward-looking
statements (as such term is defined in the Private Securities
Litigation Reform Act of 1995). Forward-looking statements can be
identified by such words and phrases as “believes,” “anticipates,”
“expects,” “intends,” “estimates,” “may,” “will,” “should,”
“continue” and similar expressions, comparable terminology or the
negative thereof, and includes statements in this press release
regarding our belief that Tommy’s claims are false and our ability
to mitigate any market disruption. Forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed or implied in the
forward-looking statements. Many of these risks and uncertainties
are outside our control, and there may be other risks and
uncertainties which we do not currently anticipate because they
relate to events and depend on circumstances that may or may not
occur in the future. Undue reliance should not be placed on these
forward-looking statements, which speak only as of the date hereof.
We undertake no obligation (and we expressly disclaim any
obligation) to update or supplement any forward-looking statements
that may become untrue because of subsequent events, whether
because of new information, future events, changes in assumptions
or otherwise.
Contacts
InvestorMalibu Boats,
Inc.InvestorRelations@MalibuBoats.com
Media Dan Zacchei / Joe Householder Longacre
Square Partnersmalibuboats@longacresquare.com
Malibu Boats (NASDAQ:MBUU)
過去 株価チャート
から 4 2024 まで 5 2024
Malibu Boats (NASDAQ:MBUU)
過去 株価チャート
から 5 2023 まで 5 2024