Kaplan Fox & Kilsheimer LLP Alerts Investors to Securities Class Action Lawsuit Against MGP Ingredients, Inc. (MGPI)
NEW YORK – (NewMediaWire) – January 2, 2025 – Kaplan Fox & Kilsheimer LLP announces that a class action has been filed against MGP ingredients (NASDAQ:), Inc. (MGP or the Company) (NASDAQ: MGPI ) on behalf of investors who purchased or otherwise acquired MGP securities between May 4, 2023 and October 30, 2024 (the Class Period).
CLICK HERE TO JOIN THE CASE
If you are an investor in MGP and have suffered losses, you can CLICK HERE to contact us. You can also contact Kaplan Fox by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
DEADLINE REMINDER: If you are a member of the proposed class, you may move the court no later than February 14, 2025 to be the lead plaintiff for the proposed class. If you have losses, we encourage you to contact us to learn more about the Attorney General process.
On October 17, 2024, after the market closed, MGP issued a press release announcing preliminary results for the third quarter of 2024. The company disclosed, among other things, that sales are expected to decline by 14% compared to the third quarter of the previous year. Furthermore, said the chief executive office, David Bratcher [s]Frequent spirits category trends and increased whiskey inventories across the industry are putting more pressure than expected on our brown goods business with a greater impact on our smaller, craft customer base.
Following this news, MGP’s stock price fell $19.71 per share, more than 24%, to $61.86 per share on October 18, 2024.
October 31, 2024 The company provided additional details in a press release and during a conference call to discuss third quarter 2024 results. Among other things, CEO Bratcher stated that in 2025 we are reducing whiskey production and aging whiskey storage to were better aligned with the reduced demand of the category.
The complaint alleges, among other things, that during the Class Period, the defendants repeatedly advertised high demand and normal inventory levels of brown goods (ie, American whiskeys and tequila), when in fact there was a slowdown in consumption and an oversupply of those products. In addition, the defendants assured investors that MGP was positioned differently from its competitors and that this was not a problem, as the company had already taken steps to mitigate the risks, when in fact it had not.
WHY CONTACT KAPLAN FOX – Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and results clients demand. Through litigating cases at the federal and state levels, Kaplan Fox has successfully shaped the law by making many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you can visit our website at www.kaplanfox.com.
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If you have any questions about this Notice, your rights or interests, please contact:
CONTACT:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th floor
New York, New York 10022
(646) 315-9003
pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
lking@kaplanfox.com
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