Malibu Boats sued by Tommy's Boats dealership group over alleged breach of agreements

MALIBU BOATS, INC.

Fifteen Tommy's Boats dealerships filed complaint on Apr 10, 2024 in E.D. Tenn., alleging breach of contracts, fraud, and misrepresentation.
Tommy's Boats locations accounted for 10.7% of consolidated net sales in FY23 and 23.3% of Malibu segment sales in FY23.
No current dealership agreements with Tommy's Boats; Malibu initiating mitigation with dealer network.
Boats LLC has repurchase agreement with M&T Bank covering ~$5.2M of Malibu/Axis boats related to Tommy's Boats floor plan.
Malibu intends to vigorously defend; monetary damages sought by plaintiff.

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