#United States #Los Angeles #Schall Law Firm #Securities Fraud #MGP Ingredients

Class Action Alert: MGP Ingredients, Inc. Securities Fraud Lawsuit

The Schall Law Firm, a prominent national litigation firm dedicated to shareholders' rights, has made an important announcement regarding a class action lawsuit against MGP Ingredients, Inc. (NASDAQ: MGPI). The firm is alerting investors who acquired securities of MGP Ingredients around the time from May 4, 2023, to October 30, 2024, about their possible participation in the lawsuit.

The lawsuit, filed under sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, alleges significant violations concerning misleading and false statements made by MGP. As per the complaint, the company failed to disclose material facts regarding a considerable decline in sales and a shift in the market landscape. Specifically, on October 17, 2024, MGP announced a shocking 14% drop in year-over-year sales along with lowered annual projections—this move was labeled as a "breathtaking" surprise by market analysts.

What is particularly troubling is the assertion that MGP Ingredients did not adequately inform the market about a slowdown in the consumption of several of its brown goods, including key products such as American whiskies and tequilas. The firm’s public disclosures have been deemed misleading for the entire class period, ultimately leading to substantial financial damage for its investors once the reality of MGP's situation became apparent.

This situation raises significant concerns for shareholders, especially those who may have suffered losses due to these misleading statements. Investors are encouraged to act quickly, as participants in this class action have until February 14, 2025, to join the proceedings. By doing so, they may recover losses incurred during this troubling period.

Shareholders who believe they have been affected are urged to reach out to Brian Schall of the Schall Law Firm, located at 2049 Century Park East, Suite 2460, Los Angeles, CA 90067. They can contact him at 310-301-3335 for a free discussion regarding their rights and potential actions. Queries can also be directed through the firm’s website at www.schallfirm.com or via email at [email protected].

It’s important to note that the class has yet to be certified; until that occurs, interested parties will not have formal legal representation. For those preferring not to engage, you may remain an absent class member. However, joining this lawsuit could be crucial for investors who have faced financial setbacks due to inadequate disclosures by MGP.

As participant inquiries grow, the Schall Law Firm continues to bolster its reputation as a strong advocate for investors, specializing in cases of securities fraud and shareholder litigation. Given their commitment to protecting investor rights, this firm is an essential resource for anyone impacted by this case.

The Schall Law Firm emphasizes that this announcement should not be interpreted as an offer for legal services but can serve as a critical opportunity for investors to seek justice and recover their losses amidst what appears to be an egregious violation of investor trust by MGP Ingredients, Inc.

Conclusion

Investors are in a compelling position to join this class action lawsuit to hold MGP Ingredients accountable for its alleged misinformation and to seek restitution for their losses. With the window to participate closing soon, potential claimants should act swiftly and connect with the Schall Law Firm to explore their options.

This communication serves as a notification to encourage affected parties to be proactive regarding their financial interests and rights as shareholders.