MEI STOCK NOTICE: Methode Electronics, Inc. is being Sued for Securities Fraud; Contact BFA Law Now about the Lawsuit if You Lost Money on Your Investment (NYSE:MEI)

Core Viewpoint - A lawsuit has been filed against Methode Electronics, Inc. and certain senior executives, alleging misrepresentation regarding the company's transition to electric vehicle applications and operational challenges impacting business performance [1][2][3]. Group 1: Lawsuit Details - The lawsuit is pending in the U.S. District Court for the Northern District of Illinois, captioned Salem v. Methode Electronics, Inc., et al., No. 24-cv-07696 [2]. - Investors have until October 25, 2024, to request to lead the case [2]. Group 2: Company Performance and Financial Results - Methode's Automotive Segment reported only $154.3 million in net sales for 2Q 24, with a $61.5 million loss from operations and a $56.5 million goodwill impairment [5]. - In 1Q 24, Methode disclosed "operational inefficiencies" negatively impacting earnings, leading to a stock price decline of over 22% to $23.33 per share [4]. - Following the 3Q 24 results, Methode withdrew all prior guidance and announced urgent cost-reduction measures, resulting in a stock price drop of over 31% to $14.49 per share [6]. Group 3: Executive Changes - Methode's CFO announced retirement effective July 12, 2024, and the CEO resigned just three months into his tenure on May 6, 2024 [7].