Malibu Boats OKs $100M Settlement in Product-Liability Case
- July 03rd, 2023
- 475 views
Malibu Boats, Inc. (Nasdaq: MBUU) previously disclosed that it and its subsidiary, Malibu Boats, LLC, were defendants in two product liability cases (the Batchelder Matters).
These cases involve a personal injury accident from 2014, which occurred with a 2000 model year Response LX boat manufactured by Malibu Boats West, Inc. (West). It is important to note that West, although its assets were acquired by Boats LLC in 2006, has never been a subsidiary of Malibu Boats, Inc.
According to a regulatory filing with the SEC, the company has entered into a Confidential General Release and Settlement Agreement, agreeing to pay a total of $100.0 million to the plaintiffs involved in the Batchelder Matters. $40.0 million will be paid promptly, with the remaining $60.0 million held in an escrow account until certain conditions are met.
The settlement expense will be charged to the company's net income in the fourth quarter of 2023. Despite the settlement, the company reaffirms its previously announced guidance for fiscal year 2023 net sales and Adjusted EBITDA margin.
$MBUU closed at $59.41 (+1.28%) on Monday.
THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY OR DIGITAL ASSET. Please consult with a professional investment advisor before purchasing or selling any securities viewed on or mentioned herein. (Read Full Disclaimer)
Tags
Post Your Comments
Want To Find Some News?
Recent Posts
-
Treasury Targets Family Members and Associates of Maduro Regime
December 20th, 2025Herbal Works Inc. Supports President Trump's Order Easing Restriction on Cannabis
December 18th, 2025Herbal Works Inc. Plans on Expansion of Product Line in 2026
December 18th, 2025December 17th, 2025Crown Equity Holdings Inc. Announces Changes to Board of Directors
December 16th, 2025
Member Login