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MGP Ingredients, Inc. Investors: Company Investigated by the Portnoy Law Firm

1. MGP Ingredients faces a securities fraud investigation by a law firm. 2. The company expects a 24% drop in sales for Q3 2024. 3. Adjusted net income and EBITDA are also expected to decline. 4. MGP's stock fell 24.16%, losing $19.71 per share recently. 5. Elevated whiskey inventories pressure MGP's brown goods business.

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FAQ

Why Very Bearish?

MGP's forecasts and investigation indicate serious financial challenges, similar to past fraud cases.

How important is it?

The investigation and financial performance are crucial for investor confidence in MGPI.

Why Short Term?

Immediate impacts felt due to recent stock price drop and ongoing investigation.

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MGPI
Investors can contact the law firm at no cost to learn more about recovering their losses LOS ANGELES, Oct. 21, 2024 (GLOBE NEWSWIRE) --  The Portnoy Law Firm advises MGP Ingredients, Inc. (“MGP” or “the Company”) (NASDAQ: MGPI) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. “MGP investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq. Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: info@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses. On October 17, 2024, MGP announced that for the third quarter ending September 30, 2024, compared to the same period in 2023, it expects: “[s]ales to drop by 24%,” “[a]djusted net income to fall by 5%,” and “[a]djusted EBITDA to decrease by 9%.” The company also stated it “now anticipates financial results will be below the expectations set during its second-quarter conference call on August 1, 2024.” David Bratcher, CEO and president of MGP, explained these results by saying, “Elevated whiskey inventories across the industry are putting more pressure on our brown goods business, significantly affecting our smaller craft customers.” As a result of this news, MGP’s stock price fell by $19.71, or 24.16%, closing at $61.86 per share on October 18, 2024, resulting in losses for investors. Please visit our website to review more information and submit your transaction information. The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes. Lesley F. Portnoy, Esq.Admitted CA, NY and TX Barslesley@portnoylaw.com310-692-8883www.portnoylaw.com Attorney Advertising

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