Methode Electronics, Inc. Investors: Please contact the Portnoy Law Firm to recover your losses. October 25, 2024 Deadline to file Lead Plaintiff Motion

Core Viewpoint - Methode Electronics, Inc. is facing a class action lawsuit due to alleged misleading statements and undisclosed negative information regarding its business performance and prospects during the specified class period from June 23, 2022, to March 6, 2024 [1][7] Financial Performance - On June 12, 2023, Methode announced preliminary financial results forecasting lower annual earnings per share (EPS) and weaker net sales, leading to a stock drop of $12.30, or 27.3%, closing at $32.77 on June 23, 2023 [3] - The first-quarter results for fiscal 2024, released on September 7, 2023, indicated operational inefficiencies and increased expenses, causing a stock decline of $6.67, or 22.2%, to $23.33 per share [4] - The second-quarter results on December 7, 2023, revealed $154.3 million in sales and a $61.5 million operational loss, prompting a further stock drop of $2.87, or 11.8%, closing at $21.52 on December 8, 2023 [5] - On March 7, 2024, the third-quarter results missed market expectations, leading to a stock fall of $6.55, or 31.1%, closing at $14.49 per share [6] Class Action Allegations - The class action complaint alleges that during the class period, Methode's management made false or misleading statements and failed to disclose critical negative information, including: - Loss of skilled employees necessary for transitioning the Monterrey facility [7] - Production issues and strategic failures in diversifying products, particularly for electric vehicles (EVs) [7] - Logistical defects in manufacturing systems at Monterrey [7] - Delays in launching new EV programs [7] - Failure to meet EPS guidance or sales growth targets [7] - Misleading positive statements lacking factual basis [7]