Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Kaspi, Applied Therapeutics, Nextracker, and MGPI and Encourages Investors to Contact the Firm

NEW YORK, Jan. 14, 2025 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Joint Stock Company Kaspi.kz (NASDAQ:KSPI), Applied Therapeutics, Inc. (NASDAQ:APLT), Nextracker Inc. (NASDAQ:NXT), and MGP Ingredients, Inc. (NASDAQ: MGPI). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Joint Stock Company Kaspi.kz (NASDAQ:KSPI)

Class Period: January 19, 2024 - September 19, 2024

Lead Plaintiff Deadline: February 18, 2025

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Joint Stock Company Kaspi.kz continued doing business with Russian entities, and also providing services to Russian citizens, after Russia’s 2022 invasion of Ukraine, thereby exposing the Company to the undisclosed risk of sanctions; (2) the Company engaged in undisclosed related party transactions; (3) certain of the Company’s executives have links to reputed criminals; and (4) as a result, defendants’ statements about Joint Stock Company Kaspi.kz’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

For more information on the Kaspi class action go to: https://bespc.com/cases/KSPI

Applied Therapeutics, Inc. (NASDAQ:APLT)

Class Period: January 3, 2024 - December 2, 2024

Lead Plaintiff Deadline: February 18, 2025

The complaint alleges that on November 27, 2024, Applied Therapeutics issued a press release announcing that it had received a Complete Response Letter (CRL) for the New Drug Application (NDA) for govorestat, the Company’s lead drug candidate. The CRL indicated that the FDA completed its review of the application and determined that it was unable to approve the NDA in its current form citing deficiencies in the clinical application. Following this news, the price of Applied Therapeutics’ common stock declined dramatically. From a closing market price of $10.21 per share on November 26, 2024, Applied Therapeutics’ stock price fell to $8.57 per share on November 27, 2024 before falling further to $2.03 on November 29, 2024 and $1.75 per share on December 2, 2024, a total decline of more than 80%.

After market hours on December 2, 2024, Applied Therapeutics disclosed it received a “warning letter” from the FDA referring to the clinical trial issues underlying the CRL. Applied Therapeutics’ disclosure of the “warning letter” prompted a further decline in the stock price as investors discovered the seriousness and severity of the Company’s clinical trial errors. From a closing market price of $1.75 per share on December 2, 2024, Applied Therapeutics’ stock price fell to $1.69 per share on December 3, 2024 before falling further to $1.38 per share on December 4, 2024 and $1.29 per share on December 5, 2024.

For more information on the Applied Therapeutics class action go to: https://bespc.com/cases/APLT

Nextracker Inc. (NASDAQ:NXT)

Class Period: February 1, 2024 - August 1, 2024

Lead Plaintiff Deadline: February 25, 2025

The filed complaint alleges that defendants made false statements and/or concealed that: (a) the impact of project delays on Nextracker's business, financial results, and prospects was far more severe than represented to investors; (b) permitting and interconnection delays had materially impaired Nextracker's ability to convert backlog into revenue at historical conversion rates; (c) Nextracker had been unable to offset the negative impact from project delays through increased client demand and the purported ability to pull forward its other projects in the manner represented by defendants; (d) Nextracker did not possess the competitive advantages which purportedly shielded it from industry-wide headwinds or the ability to effectively offset the adverse effects of project delays as claimed by defendants; and (e) as a result of (a)-(d) above, defendants lacked a reasonable basis for their positive statements about Nextracker's business, financial results, and prospects.

For more information on the Nextracker class action go to: https://bespc.com/cases/NXT

MGP Ingredients, Inc. (NASDAQ: MGPI)

Class Period: May 4, 2023 - October 30, 2024

Lead Plaintiff Deadline: February 14, 2025

MGPI is a manufacturer of hard liquors such as tequila, bourbon, rye, whiskey, vodka, and gin. MGPI sells the spirits it produces under its own brands as well as to other alcohol distributors and brands. Prior to the Class Period, 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 during the Class Period, MGPI falsely assured investors that its projections and statements accounted for the industry slowdown and that it was well-positioned to avoid a buildup of inventory. The Company also claimed that its projected sales took these industry trends into account.

MGPI announced on October 17, 2024, that a slowdown in demand and an excess in inventories would undermine sales. This revelation caused the Company’s stock to plummet 29.5%. Then, less than two weeks later, on October 31, 2024, Defendants revealed that its excess inventory would have an even greater impact than previously reported. This caused the Company’s stock to drop another 14.7%, to a close of $49.04 per share on October 31, 2024. In total, MGPI’s share price declined nearly 50% on these two disclosures, wiping out hundreds of millions of dollars in market capitalization and damaging investors. 

For more information on the MGPI class action go to: https://bespc.com/cases/MGPI

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com