MGP Ingredients, Inc.
| Company Name | MGP Ingredients, Inc. |
| Stock Symbol | MGPI |
| Class Period | May 04, 2023 to October 30, 2024 |
| Lead Plaintiff Motion Deadline | February 14, 2025 |
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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