LegalMay 22, 2026, 08:32 AM
MasterCraft Settles Shareholder Lawsuit for $425,000
AI Summary
MasterCraft Boat Holdings, Inc. settled a putative class action lawsuit filed by a purported stockholder. The lawsuit challenged a provision in a stockholders agreement regarding director removal and an alleged omission in a 2019 certificate of amendment. To avoid further litigation and costs, MasterCraft amended the challenged agreement, filed a certificate of correction, and agreed to pay $425,000 in attorneys' fees, without admitting any of the plaintiff's claims. The Court subsequently entered an order closing the action.
Key Highlights
- MasterCraft settled a shareholder class action lawsuit.
- Lawsuit challenged a director removal provision in a stockholders agreement.
- Also alleged an omission in a 2019 certificate of amendment.
- Company amended the stockholders agreement and filed a correction.
- MasterCraft paid $425,000 in attorneys' fees to resolve claims.
- Settlement aimed to minimize expenses and avoid litigation.
- Court closed the action on May 19, 2026.
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