MasterCraft Boat Holdings, Inc. 8-K Filing Summary

This filing concerns a putative class action complaint filed by shareholder Bruce Taylor against MasterCraft Boat Holdings, Inc. The complaint challenged a provision in a stockholders agreement that required stockholder consent for removing director nominees, alleging it breached the company's charter and violated Delaware law. MasterCraft denied the allegations. To resolve the matter and minimize litigation costs, MasterCraft amended the stockholders agreement and filed a certificate of correction to address the alleged omission of language approved by stockholders. These actions mooted the plaintiff's claims. Subsequently, MasterCraft agreed to pay $425,000 in attorneys' fees and expenses to avoid further litigation. The court entered an order closing the action, without ruling on the reasonableness of the fees. The company believes the allegations were meritless.