Case Background:
On February 28, 2020, the initial complaint in this securities class action was filed against MGP Ingredients, Inc. (“MGP” or the “Company”), and certain of MGP’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action on behalf of all persons and entities who purchased or otherwise acquired MGP common stock between August 2, 2018 and February 26, 2020, both dates inclusive (the “Class Period”).
The complaint alleges that, during the Class Period, Defendants made false and misleading statements and/or failed to disclose adverse information concerning MGP’s business and financial condition. Specifically, the complaint alleges that Defendants failed to disclose that MGP had not completed any significant sales of its aged whiskey inventory and that the Company had been unable to sell its aged whiskey at the price premium represented to investors. This materially impaired its ability to negotiate significant sales on favorable contract terms, and as a consequence, Defendants’ full-year 2019 financial guidance lacked a reasonable basis and was materially misleading.
Current Status of Case:
September 8, 2020. On August 31, 2021, the Court issued an Order granting Defendant’s Motion to Dismiss. This action has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.