Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased MGP Ingredients, Inc. (“MGPI” or the “Company”) (NASDAQ: MGPI) common stock between May 4, 2023 through October 30, 2024, inclusive (the “Class Period”). MGPI investors have until February 14, 2025 to file a lead plaintiff motion.

Investors suffering losses on their MGPI investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On October 17, 2024, MGPI disclosed that sales were expected to decline 24% in the third quarter 2024, compared to the third quarter 2023. The Company also announced it now expected financial results to be below its prior guidance due to soft demand and high inventories.

On this news MGPI’s stock price fell $19.71, or 24.2%, to close at $61.86 per share on October 18, 2024, thereby injuring investors.

Then, on October 31, 2024, the Company stated that excess inventories would have an “even greater impact” on sales in 2025 than previously stated, forcing the Company to scale back certain operations to save money.

On this news, MGPI’s stock price fell $8.27, or 14.7%, to close at $48.04 per share on October 31, 2024, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) there had been a slowdown in consumption and oversupply in their products; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased MGPI common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

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