LOS ANGELES--(BUSINESS WIRE)-- The Law Offices of Frank R. Cruz reminds investors of the upcoming February 14, 2025 deadline to participate as a lead plaintiff in the securities fraud class action lawsuit filed on behalf of investors who 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 ARE AN INVESTOR WHO LOST MONEY ON MGP INGREDIENTS, INC. (MGPI), CLICK HERE TO PARTICIPATE IN THE SECURITIES FRAUD LAWSUIT.

What Happened?

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.

What Is The Lawsuit About?

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.

If you purchased or otherwise acquired MGPI common stock between May 4, 2023 through October 30, 2024, the deadline to seek appointment as the lead plaintiff in the securities fraud class action is February 14, 2025.

Contact Us To Participate or Learn More:

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 us:

Frank R. Cruz
The Law Offices of Frank R. Cruz,
2121 Avenue of the Stars, Suite 800
Century City, California 90067
Email us at: info@frankcruzlaw.com
Call us at: 310-914-5007
Visit our website at www.frankcruzlaw.com
Follow us for updates on Twitter: twitter.com/FRC_LAW

If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.

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. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250212402220/en/