I heard a story about a boat downrigging wasaga bay a few years ago. They got hooked on nets and the boat went down with the two guys.
Once in my boat i had to do an emergency stop. I went from full speed to neutral gave it one second then i went reverse half speed. I looked back and the stern just came up on the wave no problem. Had to buy new underware though.
If the boat is heavy in the stern with a big motor then i can see it getting water over the back and going down.