Processing your request


please wait...

Case Page

 

Case Status:    ONGOING    
On or around 09/08/2020 (Date of last review)

Filing Date: February 28, 2020

According to the Complaint, MGP Ingredients, Inc. purports to be a leading producer and supplier of premium distilled spirits and specialty wheat protein and starch food ingredients. Distilled spirits include premium bourbon and rye whiskeys and grain neutral spirits, including vodka and gin. MGP is also a top producer of high-quality industrial alcohol for use in both food and non-food applications. On the food ingredients side of the business, MGP is the largest U.S. supplier of specialty wheat proteins and starches.

The Complaint alleges that during the Class Period, Defendants made false and misleading statements and/or failed to disclose adverse information concerning MGP’s business and financial condition. Specifically, the Complaint alleges Defendants failed to disclose that MGP had not completed any significant sales of its aged whiskey inventory, the Company had been unable to sell its aged whiskey at the price premium represented to investors, a glut of aged whiskey inventory and shifts in consumer behavior had lowered the value of the Company’s aged whiskey inventory and materially impaired its ability to negotiate significant sales on favorable contract terms, and as a consequence, Defendants’ full-year 2019 financial guidance lacked a reasonable basis and was materially misleading.

On May 28, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated amended Complaint on July 22.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Beverages (Alcoholic)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MGPI
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Kansas
DOCKET #: 20-CV-02090
JUDGE: Hon. Daniel D. Crabtree
DATE FILED: 02/28/2020
CLASS PERIOD START: 02/27/2019
CLASS PERIOD END: 02/25/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson Fistel, LLP (Marietta)
  2. Robbins Geller Rudman & Dowd LLP (New SF Office)
  3. Stueve Siegel Hanson LLP
No Document Title Filing Date
COURT: D. Kansas
DOCKET #: 20-CV-02090
JUDGE: Hon. Daniel D. Crabtree
DATE FILED: 07/22/2020
CLASS PERIOD START: 08/02/2018
CLASS PERIOD END: 02/26/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (New New York)
  2. Fleeson, Gooing, Coulson & Kitch, L.L.C.
  3. Klausner Kaufman Jensen & Levinson
No Document Title Filing Date
—Related District Court Filings Data is not available