Press release
Investigation announced for Investors in shares of MGP Ingredients, Inc. (NASDAQ: MGPI) over potential Securities Laws Violations
An investigation for investors in MGP Ingredients, Inc. (NASDAQ: MGPI) shares over potential securities laws violations.
Investors who purchased shares of MGP Ingredients, Inc. (NASDAQ: MGPI), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by MGP Ingredients, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Atchinson, KS based MGP Ingredients, Inc., together with its subsidiaries, produces and supplies distilled spirits, branded spirits, and food ingredients. It operates through three segments: Distillery Products; Branded Spirits; and Ingredient Solutions. On October 12, 2022, market researcher Spruce Point Management published a report regarding issues with MGP Ingredients, Inc. In relevant part, the Spruce Point report stated that, contrary to representations, MGP Ingredients, Inc's merger with a branded spirits company did not result in immediate cash accretion, but instead is costing MGP Ingredients, Inc. money, causing MGP Ingredients, Inc. to mark down the price of their branded spirits by 5-50% to clear inventory.
Shares of MGP Ingredients, Inc. (NASDAQ: MGPI) declined from $117.01 per hsare on September 09, 2022, to as low as $9.422 per share on October 13, 2022.
Those who purchased shares of MGP Ingredients, Inc. (NASDAQ: MGPI) have certain options and should contact the Shareholders Foundation.
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 lawsuits, 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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