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INVESTOR ALERT: Law Offices of Howard G. Smith Announces Investigation of MGP Ingredients, Inc. (MGPI) on Behalf of Investors

March 3, 2020 GMT

BENSALEM, Pa.--(BUSINESS WIRE)--Mar 3, 2020--

Law Offices of Howard G. Smith announces an investigation on behalf MGP Ingredients, Inc. (“MGP” or the “Company”) (NASDAQ: MGPI ) investors concerning the Company and its officers’ possible violations of federal securities laws.

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.

If you purchased MGP securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200303006013/en/

CONTACT: Law Offices of Howard G. Smith

Howard G. Smith, Esquire

215-638-4847

888-638-4847

howardsmith@howardsmithlaw.com

www.howardsmithlaw.com

KEYWORD: PENNSYLVANIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Law Offices of Howard G. Smith

Copyright Business Wire 2020.

PUB: 03/03/2020 05:00 PM/DISC: 03/03/2020 05:01 PM

http://www.businesswire.com/news/home/20200303006013/en