NEW YORK–(BUSINESS WIRE)–Dec 22, 2024–
Attorney Advertising–Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against MGP Ingredients, Inc. (“MGP Ingredients” or “the Company”) (NASDAQ: MGPI) and certain of its officers.
Class Definition
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired MGP Ingredients securities between May 3, 2023 and October 30, 2024, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/MGPI.
Case Details
The complaint alleges that throughout the Class Period, MGP Ingredients made materially false and/or misleading statements and/or failed to disclose a slowdown in consumption and oversupply in their brown goods (i.e., American whiskies and tequila products).
On February 22, 2024, MGP Ingredients provided guidance for fiscal year 2024 with a midpoint that was 4.9% below analyst consensus. During an earnings call that same day, President and Chief Executive Officer David S. Bratcher confirmed industry reports that “inventory destocking at a wholesale level will remain an issue for the branded spirits industry in 2024.” On this news, MGP Ingredients’ stock price fell $13.65 per share, or 14.86%, to close at $78.18 per share on February 22, 2024. Then, on October 17, 2024, MGP Ingredients admitted that soft demand and high inventories were undermining sales. The following day, Wells Fargo published a report noting that it was lowering its expectations for MGP Ingredients stock price, stating that the Company had “credibility issues”. Following this announcement and Wells Fargo’s report, the Company’s stock price fell $19.71 per share, or 24.16%, to close at $61.86 per share on October 18, 2024. Finally, on October 31, 2024, MGP Ingredients disclosed that the excess inventories would have an “even greater impact” on sales in 2025 than previously stated, forcing the Company to scale back certain operations to save money. Following this news, MGP Ingredients’ stock price fell $8.27 per share, or 14.69%, to close at $48.04 on October 31, 2024.
What’s Next?
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: bgandg.com/MGPI. or you may contact Peretz Bronstein, Esq. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in MGP Ingredients you have until February 14, 2025, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20241222603477/en/
CONTACT: Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller
332-239-2660 |[email protected]
KEYWORD: NEW YORK NEW JERSEY UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: CLASS ACTION LAWSUIT PROFESSIONAL SERVICES LEGAL
SOURCE: Bronstein, Gewirtz & Grossman, LLC
Copyright Business Wire 2024.
PUB: 12/22/2024 04:00 PM/DISC: 12/22/2024 04:00 PM
http://www.businesswire.com/news/home/20241222603477/en
