Grabar Law Office is investigating claims on behalf of shareholders of MGP Ingredients, Inc. (NASDAQ: MGPI).  The investigation concerns whether certain officers of MGP breached the fiduciary duties they owed to the Company.

Current shareholders who acquired MGP Ingredients prior to May 4, 2023, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them.

Why?  MGP Ingredients, Inc. manufactures alcoholic beverages and food ingredients. MGPI sells its own products under its own brand names as well as to manufacturers of other branded spirits. This lawsuit was filed against MGPI and three of its Officers.

As alleged in an underlying securities fraud class action complaint, sales of hard liquors, such as those produced and sold by MGPI, increased dramatically in the wake of COVID-19. However, as quarantines ended, sales of hard liquors slowed across the alcoholic beverage industry, and a backlog of inventory began to increase.

The Complaint alleges that MGP Ingredients, Inc. (NASDAQ: MGPI), via certain of its officers, made materially false and/or misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, it is alleged that Defendants repeatedly touted a strong demand and “normal” inventory levels in brown goods (such as American whiskies and tequila), when in fact there had been a slowdown in consumption and oversupply in their products.

What You Can Do Now? If you are a current shareholder who acquired MGPI shares prior to May 4, 2023 , you can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to you whatsoever. You are encouraged to contact Joshua H. Grabar at [email protected] or call 267-507-6085 for further assistance.