LOS ANGELES–(BUSINESS WIRE)–$MGPI #MGPI—The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against MGP Ingredients, Inc. (“MGP” or “the Company”) (NASDAQ: MGPI) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s securities between February 27, 2019 and February 25, 2020, inclusive (the ”Class Period”), are encouraged to contact the firm before April 28, 2020.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. MGP failed to achieve any significant level of sales with its four-year-old aged-whiskey product. The Company proved unable to sell its inventory at the prices presented to the investing public. Shifts in consumer behavior and a wide variety of competition lowered the value of the Company’s inventory and damaged its ability to sell its product on favorable terms. Due to these factors, the Company’s 2019 financial forecast was misleading and without basis. Based on these facts, the Company’s public statements were false and materially misleading. When the market learned the truth about MGP, investors suffered damages.
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The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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