NEW YORK–(BUSINESS WIRE)–Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of MGP Ingredients, Inc. (“MGP” or the “Company”) (NASDAQ: MGPI) between February 27, 2019, and February 25, 2020 (the “Class Period”). The lawsuit filed in the United States District Court for the District of Kansas alleges violations of the Securities Exchange Act of 1934.
If you purchased MGP securities, and/or would like to discuss your legal rights and options please visit MGP Shareholder Class Action or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
The Complaint 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: (i) MGP had not completed any significant sales of its four-year-old aged-whiskey inventory; (ii) the Company had been unable to sell its aged whiskey at the price premium represented to investors; (iii) a glut of aged whiskey inventory and shifts in consumer behavior had lowered the value of the Company’s aged whiskey inventory and materially impaired its ability to negotiate significant sales on favorable contract terms’ and (iv) in light of the foregoing, the Company’s FY19 financial forecast lacked a reasonable basis and was materially misleading.
On February 26, 2020, the Company announced its finalized fiscal year 2019 financial results, confirming its earlier pre-announcement that it had fallen “significantly short of… guidance” due to its failure to sell aged whiskey during the fourth quarter of 2019. Griffin revealed that aged whiskey sales had declined year over year and that the Company had failed to secure the contracts it had previously highlighted to investors. On this news, the price of MGP stock declined from a close of $31.80 per share on February 25, 2020 to a close of $28.42 per share on February 26, 2020.
If you purchased MGP securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/mgpingredientsinc-mgpi-shareholder-class-action-lawsuit-stock-fraud-259/apply/ contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
If you wish to serve as lead plaintiff, you must move the Court no later than April 28, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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