METHODE ELECTRONICS ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Lawsuit Has Been Filed Against Methode Electronics Inc. and Encourages Investors to Contact the Firm

Core Viewpoint - A class action lawsuit has been filed against Methode Electronics Inc. for alleged failures in transitioning its production model and executing strategic plans, impacting its financial performance and stockholder value [1][3]. Group 1: Lawsuit Details - The lawsuit is on behalf of all individuals and entities who purchased Methode Electronics securities between June 23, 2022, and March 6, 2024 [1]. - Investors have until October 25, 2024, to apply to be appointed as lead plaintiff in the lawsuit [1]. Group 2: Allegations Against Methode Electronics - Methode Electronics lost skilled employees during the COVID-19 pandemic, hindering its transition from a low mix, high volume production model to a high mix, low production model at its Monterrey facility [3]. - The company faced production planning deficiencies, inventory shortages, and vendor issues while attempting to diversify its product offerings, particularly in the electric vehicle sector [3]. - Manufacturing systems at the Monterrey facility experienced logistical defects, including improper system coding and shipping errors, which affected quality control and procurement of raw materials [3]. - Methode Electronics fell behind on launching new electric vehicle programs, delaying revenue from these initiatives [3]. - The company is not on track to meet its 2023 diluted earnings-per-share guidance or the projected 6% organic sales compound annual growth rate, indicating a lack of reasonable factual basis for these estimates [3].