KANAS CITY, Kan. (Legal Newsline) — A Kansas-based distilled spirits and food ingredient supplier is facing a securities class action by the firefighters and police officers' retirement trust in Miami over its stock value decline.
The City of Miami Fire Firefighters' and Police Officers' Retirement Trust, individually and on behalf of all others similarly situated, filed a complaint April 6 in the U.S. District Court for the District of Kansas against MGP Ingredients Inc., Augustus Griffin, Thomas Pigott and Brandon Gall, alleging violation of the Securities and Exchange Act of 1934 and other cliams.
The plaintiffs are investors who purchased MGP common stock between Aug. 2, 2018, and Feb. 25, 2020. They allege MGP falsely reported to investors that demand for its inventory was high when it was struggling to find customers. The plaintiffs claim MGP's actions caused them to lose millions of dollars due to declines in stock prices.
The plaintiffs seek monetary relief, trial by jury, interest and all other proper relief. They are represented by Ryan Meyer and David Seely of Fleeson, Gooing, Coulson & Kitch LLC in Wichita, Kan.
U.S. District Court for the District of Kansas case number 2:20-CV-02180-JAR-JPO