NEW YORK, March 02, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against MGP Ingredients, Inc. (“MGP” or the “Company”) (MGPI) in the United States District Court for the District of Kansas on behalf of those who purchased or acquired the securities of MGP between February 27, 2019 and February 25, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for MGP investors under the federal securities laws.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) MGP had not completed any significant sales of its four-year-old aged-whiskey inventory; (ii) the Company had been unable to sell its aged whiskey at the price premium represented to investors; (iii) 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; (iv) in light of the foregoing, the Company’s fiscal year 2019 financial forecast lacked a reasonable basis and was materially misleading; and (v) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of MGP during the Class Period should contact the Firm prior to the April 28, 2020 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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