NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP ("Scott+Scott"), a shareholder and consumer rights litigation firm, is investigating whether MGP Ingredients, Inc. ("MGP" or the "Company") (NYSE: MGPI) or certain of its officers and directors issued misleading and false statements and/or failed to disclose information material to investors in violation of federal securities laws.
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MGP is a producer and supplier of distilled spirits, branded spirits, and food ingredients. On October 17, 2024, after the market closed, MGP issued a press release negatively announcing preliminary results for 3Q24. The press release revealed, among other things, that the Company expected sales from its Distilling Solutions segment to decline 36%. On this news, the price of the Company's stock fell more than 24%, or $19.71, to close at $61.86 on October 18, 2024, on heavy trading volume.
Then, on October 31, 2024, during market hours, the Company released its 3Q24 financial results. During the associated earnings call, the Company confirmed the previously announced 36% decline in Distilling Solutions sales. On this news, the price of the Company's stock fell an additional $8.27, or nearly 15%, to close at $48.04 on October 31, 2024, on heavy trading volume.
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If you purchased or otherwise own MGP securities and have suffered a loss, realized or unrealized, and you wish to discuss this investigation, please contact attorney Nicholas Bruno at (888) 398-9312 or at nbruno@scott-scott.com.
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Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Virginia, and Ohio.
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Contacts
Nicholas Bruno
Scott+Scott Attorneys at Law LLP
230 Park Avenue, 24th Floor, New York, NY 10169
(888) 398-9312
nbruno@scott-scott.com
