INVESTOR ALERT: DiCello Levitt LLP Shareholder Class Action Lawsuit Filed Against Methode Electronics, Inc. (NYSE: MEI); Investors with Losses Encouraged to Discuss Their Options with Counsel

Core Viewpoint - A class action lawsuit has been filed against Methode Electronics, Inc. and certain former executives for alleged violations of federal securities laws during the Class Period from June 23, 2022, to March 6, 2024 [1][2]. Company Overview - Methode Electronics designs, engineers, and manufactures custom-engineered solutions for Original Equipment Manufacturers (OEMs) across various end markets, including transportation, cloud computing, construction equipment, consumer appliances, and medical devices [4]. Historical Context - Historically, Methode's significant revenue came from a contract to produce center consoles for General Motors (GM), which accounted for approximately 50% of the Company's net sales in 2016 [5]. - By 2020, Methode began transitioning away from reliance on traditional center stack units due to automotive trends, with expectations that lost sales would be offset by higher margins on specialized components and new contracts in the electric vehicle (EV) sector [5]. Allegations and Misleading Statements - Defendants allegedly made false and misleading statements regarding the Company's business health and transition strategy, claiming it was prospering while failing to disclose significant operational challenges [5]. - Key issues included loss of skilled employees during the COVID-19 pandemic, production planning deficiencies, inventory shortages, and logistical defects in manufacturing systems [5]. Financial Performance and Stock Impact - The truth about Methode's financial struggles began to emerge in March 2023, culminating in an $11 million loss from operations reported in March 2024, alongside the withdrawal of prior guidance and drastic expense reduction measures [6]. - Following these disclosures, Methode's stock price fell dramatically, currently hovering around $10 per share, which is over 80% below its Class Period high [6]. Executive Departures - Several key executives, including the Chief Operating Officer, Chief Financial Officer, and two Chief Executive Officers, departed the Company around the end of the Class Period, indicating potential instability in leadership [7].