NEW YORK, Oct. 30, 2022 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of MGP Ingredients, Inc. (“MGP” or the “Company”) ( MGPI). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether MGP and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 12, 2022, market researcher Spruce Point Management (“Spruce Point”) published a report regarding MGP. The Spruce Point report alleges that, contrary to the Company’s representations, MGP’s merger with a branded spirits company did not result in immediate cash accretion, but instead is losing MGP money, causing MGP to mark down the price of their branded spirits by 5-50% to clear inventory.
On this news, MGP’s stock price fell $5.50 per share, or 5.42%, to close at $95.97 per share on October 12, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
