1. MGP Ingredients faces a class-action lawsuit for misleading statements. 2. Defendants claimed strong demand despite oversupply issues in whiskey and tequila. 3. Allegations include failure to disclose operational risks during the class period. 4. Shareholders can register for a potential class-action lead plaintiff role.
Lawsuits and allegations of misleading information can severely impact stock prices, demonstrated by past class actions in similar firms which led to sharp declines.
The nature of the legal allegations and potential financial liability is likely to significantly affect investor confidence and stock performance.
The immediate litigation threat could influence investor sentiment and stock volatility in the near term.
/PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of MGP Ingredients, Inc. (NASDAQ: MGPI).
Shareholders who purchased shares of MGPI during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.
CLASS PERIOD: May 4, 2023 to October 30, 2024
ALLEGATIONS: According to the filed complaint, throughout the class period, defendants made materially false and/or misleading statements, and failed to disclose material adverse facts about MGPI's business, operations, and prospects. Specifically, defendants repeatedly touted a strong demand and "normal" inventory levels in brown goods (i.e., American whiskies and tequila), when in fact there had been a slowdown in consumption and oversupply in their products. Worse, defendants had assured investors that they were positioned differently than their competitors, and that this was a non-issue, because MGPI had already taken steps to mitigate the risk, when in fact it had not.
DEADLINE: February 14, 2025. Shareholders should not delay in registering for this class action. Register your information here: Registration Form
Once you register as a shareholder who purchased shares of MGPI during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is February 14, 2025. There is no cost or obligation to you to participate in this case.
The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company led to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.
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SOURCE The Gross Law Firm