MGP Ingredients, Inc. Class Action Lawsuit - MGPI
Case Summary
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The MGP Ingredients class action lawsuit seeks to represent purchasers of MGP Ingredients, Inc. (NASDAQ: MGPI) shares of common stock between May 4, 2023 and October 30, 2024, inclusive (the “Class Period”). Captioned Operating Engineers Construction Industry Miscellaneous Pension Fund v. MGP Ingredients, Inc., No. 24-cv-09685 (S.D.N.Y.), the MGP Ingredients class action lawsuit charges MGP Ingredients and certain of MGP Ingredients’ top current and former executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the MGP Ingredients class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the MGP Ingredients class action lawsuit must be filed with the court no later than February 14, 2025.
CASE ALLEGATIONS: MGP Ingredients engages in the production and supply of distilled spirits, branded spirits, and food ingredients.
The MGP Ingredients class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that while defendants were speaking positively about MGP Ingredients’ inventory levels and demand for its products, inventories had in fact remained unsustainably high and defendants had not resolved the issue of oversupply in brown goods that investors had been concerned about.
The MGP Ingredients class action lawsuit further alleges that on February 22, 2024, MGP Ingredients revealed fiscal year 2024 full-year revenue guidance of $749 million at the midpoint, 4.9% below street consensus, and confirmed that recent industry reports indicated “inventory destocking at a wholesale level [will] remain an issue for the Branded Spirits industry in 2024.” On this news, the price of MGP Ingredients common stock fell nearly 15%, according to the complaint.
The MGP Ingredients class action lawsuit further alleges that on October 17, 2024, MGP Ingredients reported financial results for the third quarter of fiscal year 2024, revealing that sales were expected to decline 14% from the prior year’s third quarter and that guidance was revised downward. On this news, the price of MPG Ingredients common stock fell nearly 30% over three trading sessions, according to the complaint.
Finally, on October 31, 2024, the MGP Ingredients class action lawsuit further alleges that defendants admitted that “slower growth and higher inventories are leading to lower demand, lower prices and reduced visibility on our contract distilling sales.” On this news, the price of MGP Ingredients common stock fell nearly 15%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased shares of MGP Ingredients common stock during the Class Period to seek appointment as lead plaintiff in the MGP Ingredients class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the MGP Ingredients class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the MGP Ingredients class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the MGP Ingredients class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.