NEW YORK--( BUSINESS WIRE )--The law firm of Kirby McInerney LLP is investigating potential claims against MGP Ingredients, Inc. (“MGP” or the “Company”) (NASDAQ: MGPI). The investigation concerns whether MGP and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
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On October 17, 2024, MGP announced that, for the third quarter of 2024, as compared to the third quarter of 2023: “[s]ales are expected to decline 24%,” “[a]djusted net income is expected to decline 5%,” and “[a]djusted EBITDA is expected to decline 9%.” The Company also announced it “now expects financial results to be below the expectations confirmed during its second quarter conference call held on August 1, 2024.”
David Bratcher, CEO and president of MGP, explained that “elevated industry-wide whiskey inventories are putting greater than expected pressure on our brown goods business with a larger impact on our smaller, craft customer base.”
On this news, the price of MGP shares declined by $19.71, or approximately 24.16%, from $81.57 on October 17, 2024, to close at $61.86 on October 18, 2024.
If you purchased or otherwise acquired MGP securities, have information, or would like to learn more about this investigation, contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars.
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