MGPI INVESTOR ALERT: Kirby McInerney LLP Notifies MGP Ingredients, Inc. Investors of Upcoming Lead Plaintiff Deadline in Class Action Lawsuit

Class Action and Legal Context - Kirby McInerney LLP reminds investors of the February 14, 2025 deadline to seek the role of lead plaintiff in a federal securities class action filed on behalf of investors who acquired MGP Ingredients securities during the Class Period from May 4, 2023, through October 30, 2024 [1] - The complaint alleges that MGP Ingredients made materially false and/or misleading statements and/or failed to disclose a slowdown in consumption and oversupply in their brown goods (American whiskies and tequila products) throughout the Class Period [6] Financial Performance and Market Reaction - On February 22, 2024, MGP Ingredients reported Q4 2023 financial results exceeding expectations but provided a 2024 revenue forecast 4.9% lower than expected, citing inventory destocking at a wholesale level [3] - The Company acknowledged that over 90% of new whiskey sales for 2024 were locked in, while only about 50% of older, aged whiskey sales were guaranteed, indicating a shift toward selling newer whiskey [3] - Following the earnings call, MGP Ingredients' share price declined by $13.65, or approximately 15%, from $91.83 to $78.14 [3] - On October 17, 2024, MGP Ingredients reported preliminary Q3 results with a 14% year-over-year decline in sales and lowered its fiscal 2024 guidance, citing elevated industry-wide whiskey inventories and slowing demand for brown goods [4] - Analysts criticized the announcement as a "material surprise," leading to a share price drop of $24.07, or nearly 30%, from $81.57 to $57.50 [4] - On October 31, 2024, MGP Ingredients disclosed additional challenges, including soft American whiskey trends, excess inventories, reduced demand, lower prices, and diminished visibility, resulting in a share price decline of $8.27, or nearly 15%, from $56.31 to $48.04 [5] Industry Trends and Company Strategy - MGP Ingredients emphasized efforts to manage wholesaler inventory amid industry-wide inventory destocking [3] - The Company highlighted a shift in focus toward selling newer whiskey, with over 90% of new whiskey sales for 2024 already secured, compared to only about 50% of older, aged whiskey sales [3] - Elevated industry-wide whiskey inventories and slowing demand for brown goods, particularly among craft customers, were cited as key challenges [4] - MGP Ingredients acknowledged the need to scale back production due to soft American whiskey trends and excess inventories [5]