SAN FRANCISCO, Oct. 26, 2022 (GLOBE NEWSWIRE) — Hagens Berman calls on MGP Ingredients, Inc. (NASDAQ:MPI) Investors who have suffered significant losses Submit your losses now. The firm is investigating possible violations of the Securities Act.

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MGP Ingredients, Inc. (NASDAQ: MGPI) Investigation:

The investigation focuses on MGP Ingredients’ representations regarding the alleged benefits of its acquisition of Luxco, Inc., which closed on April 1, 2021.

On October 12, 2022, MGP Ingredients’ assurances were questioned, as an analyst Spruce Point Capital published a scathing report entitled “Over a Barrel”. Corresponding spruce top : (1) “With the benefit of five straight reporting quarters, Spruce Point believes the Luxco merger was a miserable failure;” (2) “Luxco sales declined between January and April 1st^St when the deal was in its closing stages;” (3) “New reporting disclosures now definitively show that MGPI’s legacy branded liquor sales were a bust;” (4) “[o]Our price reviews show that many of Luxco’s branded spirits are sold 5% to 50% below the suggested retail price.” and (5) “MGPI amended [SEC disclosure] language to say that inventories increased in the first quarter of 2021, when in fact reported results show a decrease” and “[t]This leads us to believe that MGPI is signaling a financial misstatement related to inventory.”

In response, MGP Ingredients shares closed over 5% lower on October 12, wiping out more than $100 million in shareholder value.

“We are focused on investor losses and whether the company misled investors about its legacy business and Luxco’s expected and actual post-merger contributions to it,” said Reed Kathrein, the partner at Hagens Berman who led the investigation .

If you have invested in MGP Ingredients and are suffering significant losses or have knowledge that could assist the company’s investigations,