The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of MGP Ingredients, Inc. (NASDAQ: MGPI) who purchased shares between August 2, 2018 and February 25, 2020. The action, which was filed in the United States District Court for the District of Kansas, alleges that the Company violated federal securities laws.
In particular, the MGP lawsuit alleges that (a) MGP had not completed any significant sales of its four-year-old aged whiskey inventory; (b) the Company had been unable to sell its aged whiskey at the price premium represented to investors; (c) 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 (d) in light of the foregoing, the Company’s FY19 financial forecast lacked a reasonable basis and was materially misleading.
Shareholders have until April 28, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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