Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the District of Kansas on behalf of shareholders of MGP Ingredients, Inc. who purchased shares between August 2, 2018 and February 25, 2020.
MGPI and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On February 26, 2020, the Company announced its finalized full-year 2019 financial results, confirming its previously announced preliminary results, including that it had fallen “significantly short of … guidance” based its inability to sell aged whiskey during the 4Q2019 as well as a decline in year over year sales, and that it had failed to secure the contracts it had previously emphasized to investors.
On this news, the price of MGP’s shares plummeted.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until April 28, 2020 to request that the court appoint them lead plaintiff.