BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of MGP Ingredients, Inc. (“MGP” or the “Company”) (NASDAQ: MGPI) investors concerning the Company’s possible violations of federal securities laws.
On October 17, 2024, MGP announced that, for the third quarter ended September 30, 2024, as compared to the third quarter 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.”
Explaining these results, David Bratcher, CEO and president of MGP, said, “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 MGP’s stock price declined $19.71, or 24.16%, to close at $61.86 per share on October 18, 2024, thereby injuring investors.
If you purchased MGP securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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