Malibu Boats Officers Sued Over Reporting of Luxury Boat Sales

Malibu Boats Inc.‘s officers committed securities violations when they tried to shore up its sales numbers by off-loading its high-end inventory onto the retailer Tommy’s Boats Inc., a derivative suit filed in federal court says.

The complaint filed Monday in the US District Court for the Southern District of New York specifically disclaims fraud under on the part of Malibu’s officers under Section 14(b) of the Securities Exchange Act. Instead, it stresses that the claim is based “solely on negligence.”

But the complaint does assert fraud under Rules 10(b) of the Exchange Act and Securities and Exchange Commission ...