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Oklahoma City, OK (March 2, 2020) – On February 28, 2020, a securities class action lawsuit was filed in the United States District Court for the District of Kansas against MGP Ingredients, Inc. (NASDAQ: MGPI). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is February 27, 2019 through February 25, 2020. More specifically, 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, defendants failed to disclose that MGP had not completed any significant sales of its aged whiskey inventory, the Company had been unable to sell its aged whiskey at the price premium represented to investors, a glut of aged whiskey inventory and shifts in consumer behavior had lowered the value of the Company’s aged whiskey inventory and 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. As a result of this information being withheld from the market, the price of MGP common stock was artificially inflated to a high of more than $88 per share during the Class Period.
Plaintiff seeks to recover damages on behalf of all MGP Ingredients, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Tuesday, April 28, 2020 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at firstname.lastname@example.org