Class Action Lawsuit Filed Against MGP Ingredients, Inc.
NEW YORK, Feb. 11, 2025 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against MGP Ingredients, Inc. ("MGPI" or the "Company") (NASDAQ: MGPI). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether MGPI and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until February 14, 2025, to ask the Court to appoint you as Lead Plaintiff for the class if you are an investor who purchased or otherwise acquired MGPI securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
Click here for information about joining the class action
Recent Developments
On February 22, 2024, MGPI 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, MGPI's 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, MGPI 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 MGPI's stock price, stating that the Company had "credibility issues".
Following MGPI's 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, MGPI 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.
On this news, MGPI's stock price fell $8.27 per share, or 14.69%, to close at $48.04 per share on October 31, 2024.
About Pomerantz LLP
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT: Danielle Peyton Pomerantz LLP [email protected] 646-581-9980 ext. 7980
SOURCE Pomerantz LLP
