This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
MGP Ingredients, Inc. is a leading producer and supplier of distilled spirits, deriving the majority of its revenue from alcoholic beverages. The company operates a Distillery Products segment that supplies premium bourbon, rye, and other spirits to other brand owners, and a Branded Spirits segment that markets its own award-winning portfolio, including Penelope, Rebel, and Remus. According to its 2025 annual report, MGPI is one of the leading spirits distillers in the United States.
The company is currently the subject of a securities class action lawsuit filed in December 2024, alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act. A subsequent investigation announced in September 2025 concerns whether the company's board of directors breached its fiduciary duties. These legal matters pertain to the company's disclosures and governance.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.