Pomerantz Law Firm Updates Investors on MGP Ingredients Class Action Lawsuit and Deadlines
In a recent announcement, Pomerantz LLP has alerted shareholders of MGP Ingredients, Inc. regarding an active class action lawsuit linked to securities fraud. The lawsuit addresses possible unlawful practices by MGPI's management, and affected investors should act promptly to protect their rights.
The class action pertains to allegations that MGP Ingredients and some of its executives engaged in misleading practices that could warrant damages for shareholders. Those who may have suffered losses from investing in MGPI during the relevant period now have a crucial opportunity to join the proceedings. Shareholders can seek to become Lead Plaintiffs in the lawsuit, with the deadline set for February 14, 2025.
This lawsuit stems from significant declines in MGPI stock that came to light following guidance the company provided on February 22, 2024. The forecast indicated a sales figure that experts noted was about 4.9% below the analysts' consensus. That prompted an immediate drop in the company's stock price, showing a decrease of $13.65, or a notable 14.86%.
CEO David S. Bratcher, during an earnings call that day, acknowledged the ongoing issues in the branded spirits industry, specifically inventory destocking, which is expected to persist throughout 2024. This uncertainty further impacted investor confidence, leading to heightened scrutiny of MGPI's practices.
The situation worsened by October 17, 2024, when MGPI acknowledged that weak consumer demand and surplus inventory were lower sales drivers, prompting Wells Fargo to issue a lowered price target for MGPI shares due to what they described as "credibility issues." Following this revelation, MGPI's stock price dropped drastically by $19.71 per share, amounting to a decline of 24.16%, closing at $61.86.
This trend of significant price drops continued with an October 31 announcement where MGPI admitted that excess inventories forecasted a potentially more severe impact on 2025 sales than previously anticipated. This led to an additional drop in share price by $8.27, representing a 14.69% decline to $48.04 per share.
For those who believe they might be entitled to compensation, Pomerantz LLP has underlined the importance of reaching out as soon as possible. Interested parties are urged to contact Danielle Peyton through the provided emails or phone numbers to discuss options for participation in the case. Additionally, investors can find further details regarding the case and the ability to obtain a copy of the complaint on the Pomerantz Law Firm's official website.
Pomerantz LLP, recognized for its extensive work in corporate, securities, and antitrust litigation class actions, brings over 85 years of experience advocating for victims of corporate misconduct and securities fraud. Their commitment to holding corporations accountable has resulted in billions recovered for class members over the years. This firm stands as an important resource for MGP shareholders seeking justice.
The class action pertains to allegations that MGP Ingredients and some of its executives engaged in misleading practices that could warrant damages for shareholders. Those who may have suffered losses from investing in MGPI during the relevant period now have a crucial opportunity to join the proceedings. Shareholders can seek to become Lead Plaintiffs in the lawsuit, with the deadline set for February 14, 2025.
This lawsuit stems from significant declines in MGPI stock that came to light following guidance the company provided on February 22, 2024. The forecast indicated a sales figure that experts noted was about 4.9% below the analysts' consensus. That prompted an immediate drop in the company's stock price, showing a decrease of $13.65, or a notable 14.86%.
CEO David S. Bratcher, during an earnings call that day, acknowledged the ongoing issues in the branded spirits industry, specifically inventory destocking, which is expected to persist throughout 2024. This uncertainty further impacted investor confidence, leading to heightened scrutiny of MGPI's practices.
The situation worsened by October 17, 2024, when MGPI acknowledged that weak consumer demand and surplus inventory were lower sales drivers, prompting Wells Fargo to issue a lowered price target for MGPI shares due to what they described as "credibility issues." Following this revelation, MGPI's stock price dropped drastically by $19.71 per share, amounting to a decline of 24.16%, closing at $61.86.
This trend of significant price drops continued with an October 31 announcement where MGPI admitted that excess inventories forecasted a potentially more severe impact on 2025 sales than previously anticipated. This led to an additional drop in share price by $8.27, representing a 14.69% decline to $48.04 per share.
For those who believe they might be entitled to compensation, Pomerantz LLP has underlined the importance of reaching out as soon as possible. Interested parties are urged to contact Danielle Peyton through the provided emails or phone numbers to discuss options for participation in the case. Additionally, investors can find further details regarding the case and the ability to obtain a copy of the complaint on the Pomerantz Law Firm's official website.
Pomerantz LLP, recognized for its extensive work in corporate, securities, and antitrust litigation class actions, brings over 85 years of experience advocating for victims of corporate misconduct and securities fraud. Their commitment to holding corporations accountable has resulted in billions recovered for class members over the years. This firm stands as an important resource for MGP shareholders seeking justice.
Topics Financial Services & Investing）
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