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Lawsuit filed for Investors in shares of MGP Ingredients, Inc. (NASDAQ: MGPI)

03-02-2020 04:13 PM CET | Politics, Law & Society

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in MGP Ingredients, Inc. (NASDAQ: MGPI) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in MGP Ingredients, Inc. (NASDAQ: MGPI) shares over alleged securities laws violations.

An investor, who purchased shares of MGP Ingredients, Inc. (NASDAQ: MGPI), filed a lawsuit over alleged Securities Laws violations by MGP Ingredients, Inc..

Investors who purchased shares of MGP Ingredients, Inc. (NASDAQ: MGPI) have certain options and for certain investors are short and strict deadlines running. Deadline: April 27, 2020. NASDAQ: MGPI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Atchison, KS based MGP Ingredients, Inc., together with its subsidiaries, produces and supplies distilled spirits, and specialty wheat proteins and starch food ingredients.

On May 1, 2019, MGP Ingredients, Inc. announced its first quarter 2019 financial results, including "lighter" than consensus results due to "lower volumes" in sales of aged whiskey, but claimed that MGP Ingredients, Inc. was experiencing favorable demand and pricing trends and "confidently confirm[ed]" the Company's guidance for the remainder of the year.

On July 31, 2019, MGP Ingredients, Inc. announced its second quarter 2019 financial results, again due to poor sales of aged whiskey. In addition, MGP Ingredients, Inc. affirmed its net sales growth guidance, but revised downward their guidance for operating income growth.

On October 31, 2019, MGP Ingredients, Inc. announced its third quarter 2019 financial results, again due to poor whiskey sales, and blamed the failure to transact aged whiskey sales on customer delays and "funding issues," but reiterated that MGP Ingredients, Inc. remained on track to achieve its revised full-year 2019 guidance.

On January 17, 2020, MGP Ingredients, Inc announced that it expects to miss previously forecasted sales and earnings guidance. Just on last quarter's conference call, the Company's CEO stated when referring to full-year results, "so we feel very good about that outlook. And that's why we're so confident in our ability to reconfirm our guidance."

Shares of MGP Ingredients, Inc. (NASDAQ: MGPI) declined from $53.33 per share on January 16, 2020 to as low as $36.14 per share on January 17, 2020.

On February 26, 2020, MGP Ingredients, Inc announced its finalized full-year 2019 financial results, confirming its previously announced preliminary results, including that it had fallen "significantly short of . . . guidance" due to its failure to sell aged whiskey during the fourth quarter of 2019. MGP Ingredients, Inc also revealed that aged whiskey sales had declined year over year and that it had failed to secure the contracts it had previously highlighted to investors.

According to the complaint the plaintiff alleges on behalf of purchasers of MGP Ingredients, Inc. (NASDAQ: MGPI) common shares between February 27, 2019 and February 25, 2020, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 27, 2019 and February 25, 2020, the defendants failed to disclose that MGP Ingredients, Inc. had not completed any significant sales of its aged whiskey inventory, the Company had been unable to sell its aged whiskey at the price premium represented to investors, 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 as a consequence, defendants' full-year 2019 financial guidance lacked a reasonable basis and was materially misleading, and that as a result of this information being withheld from the market, the price of MGP Ingredients, Inc. common stock was artificially inflated to a high of more than $88 per share between February 27, 2019 and February 25, 2020.

Those who purchased shares of MGP Ingredients, Inc. (NASDAQ: MGPI) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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