MGP Ingredients, Inc. (NASDAQ: MGPI)

This lawsuit is for anyone who acquired securities in MGP Ingredients, Inc. (NASDAQ: MGPI) between May 4, 2023 and October 30, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by failing to timely inform investors of a slowdown in consumption and an oversupply of their products.

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, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. 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, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in MGP Ingredients, Inc. (NASDAQ: MGPI) between May 4, 2023 and October 30, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.