Investigation Launched into MGP Ingredients August Decline

Glancy Prongay & Murray LLP Investigates MGP Ingredients for Possible Securities Violations

Glancy Prongay & Murray LLP (“GPM”), a national law firm dedicated to protecting shareholder rights, has announced an investigation into MGP Ingredients, Inc. (“MGP” or the “Company”) MGPI. This inquiry is in response to potential violations of federal securities laws that may have affected investors.

If you have incurred losses on your MGP investments or wish to explore your options for potential claims under the federal securities laws, you can submit your contact information at Glancy Law. Alternatively, contact Charles H. Linehan of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com for more information on your rights.

Impact on MGP Following Financial Projections Released

On October 17, 2024, MGP reported concerning projections for the third quarter, which concluded on September 30, 2024. The Company anticipates that compared to the same period in 2023, sales will decline by 24%, adjusted net income will drop by 5%, and adjusted EBITDA is expected to decrease by 9%. MGP also indicated that its results would fall short of expectations laid out during its second quarter conference call on August 1, 2024.

David Bratcher, CEO and president of MGP, stated that the decline was due to “elevated industry-wide whiskey inventories … placing greater than expected pressure on our brown goods business,” significantly affecting their smaller craft customers.

Stock Reaction and Investor Impact

Following this announcement, MGP’s stock price plummeted by $19.71, representing a 24.16% drop, closing at $61.86 per share on October 18, 2024, thus affecting many investors.

Whistleblower Information

The firm also urges individuals with non-public information about MGP to consider aiding the investigation or utilizing the SEC Whistleblower Program. Whistleblowers providing original information leading to a successful SEC recovery may receive rewards of up to 30 percent. Interested parties can contact Charles H. Linehan at the aforementioned numbers or email.

About GPM

Glancy Prongay & Murray LLP is a respected law firm specializing in securities litigation and complex class action cases. It has consistently ranked among the top law firms in securities class action settlements. Since its inception, GPM has successfully recovered billions for investors across various cases involving corporate misconduct. The firm has experience in numerous sectors including financial, real estate, healthcare, and technology, among others. Its achievements have garnered attention from leading publications such as The Wall Street Journal and Bloomberg Businessweek.

This press release may be considered Attorney Advertising in some jurisdictions under applicable laws and ethical standards.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241018778520/en/