NEW YORK, Oct. 22, 2024 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against MGP Ingredients, Inc. (“MGP” or the “Company”) (NASDAQ: MGPI) on behalf of MGP stockholders. Our investigation concerns whether MGP has violated the federal securities laws and/or engaged in other unlawful business practices.
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On October 17, 2024, MGP announced that, for the third quarter ended September 30, 2024, as compared to the third quarter 2023: “[s]ales are expected to decline 24%,” “[a]djusted net income is expected to decline 5%,” and “[a]djusted EBITDA is expected to decline 9%.” The Company also announced it “now expects financial results to be below the expectations confirmed during its second quarter conference call held on August 1, 2024.”
Explaining these results, David Bratcher, CEO and president of MGP, said, “elevated industry-wide whiskey inventories are putting greater than expected pressure on our brown goods business with a larger impact on our smaller, craft customer base.”
On this news MGP’s stock price fell as much as $21.02, or 25.76% during intraday trading on October 18, 2024, thereby injuring investors.
If you purchased or otherwise acquired MGP shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
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