LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming February 14, 2025 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired MGP Ingredients, Inc. (“MGPI” or the “Company”) (NASDAQ: MGPI) common stock between May 4, 2023 through October 30, 2024,, inclusive (the “Class Period”).
If you suffered a loss on your MGPI investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/mgp-ingredients-inc-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On October 17, 2024, MGPI disclosed that sales were expected to decline 24% in the third quarter 2024, compared to the third quarter 2023. The Company also announced it now expected financial results to be below its prior guidance due to soft demand and high inventories.
On this news MGPI’s stock price fell $19.71, or 24.2%, to close at $61.86 per share on October 18, 2024, thereby injuring investors.
Then, on October 31, 2024, the Company stated that excess inventories would have an “even greater impact” on sales in 2025 than previously stated, forcing the Company to scale back certain operations to save money.
On this news, MGPI’s stock price fell $8.27, or 14.7%, to close at $48.04 per share on October 31, 2024, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) there had been a slowdown in consumption and oversupply in their products; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired MGPI common stock during the Class Period, you may move the Court no later than February 14, 2025 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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