MGP Ingredients, Inc.
| Company Name | MGP Ingredients, Inc. |
| Stock Symbol | MGPI |
| Class Period | August 02, 2018 to February 26, 2020 |
| Lead Plaintiff Motion Deadline | April 28, 2020 |
On January 17, 2020, MGP pre-announced its preliminary financial results for fiscal year 2019 that fell significantly below its guidance. The Company reported that net sales declined 4% year-over-year, rather than mid-single digit growth, and that operating income declined 9% year-over-year, rather than the 10%-20% growth represented to investors.
On this news, MGP's stock price fell $14.60 per share, or over 27%, to close at $38.18 per share on January 17, 2020, thereby injuring investors.
Then, on February 26, 2020, MGP announced its finalized financial results for fiscal year 2019, confirming its earlier pre-announcement that the Company had fallen "significantly short of . . . guidance." According to MGP’s Chief Executive Officer, MGP had been “unsuccessful in transacting a large portion of the aged whiskey sales . . . forecast for the fourth quarter.”
On this news, MGP's stock price fell $3.38 per share, or over 10%, to close at $28.42 per share on February 26, 2020, thereby injuring investors further.
Submit Your Information
If you suffered a loss on your MGP Ingredients, Inc. investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.