Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Oct. 21, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises MGP Ingredients, Inc. (“MGP” or “the Company”) ( MGPI) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. “MGP investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: [email protected], to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On October 17, 2024, MGP announced that for the third quarter ending September 30, 2024, compared to the same period in 2023, it expects: “[s]ales to drop by 24%,” “[a]djusted net income to fall by 5%,” and “[a]djusted EBITDA to decrease by 9%.” The company also stated it “now anticipates financial results will be below the expectations set during its second-quarter conference call on August 1, 2024.”
David Bratcher, CEO and president of MGP, explained these results by saying, “Elevated whiskey inventories across the industry are putting more pressure on our brown goods business, significantly affecting our smaller craft customers.”
As a result of this news, MGP’s stock price fell by $19.71, or 24.16%, closing at $61.86 per share on October 18, 2024, resulting in losses for investors.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA, NY and TX Bars
[email protected]
310-692-8883
www.portnoylaw.com
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