Methode Electronics(US:MEI) Prnewswireยท2024-09-16 15:00Core Viewpoint - A securities class action lawsuit has been filed against Methode Electronics, Inc. on behalf of investors who acquired its common stock between June 23, 2022, and March 6, 2024, with a lead plaintiff deadline set for October 25, 2024 [1]. Group 1: Allegations Against Methode - The complaint alleges that Methode lost skilled employees during the COVID-19 pandemic, impacting its transition from a low mix, high volume production model to a high mix, low production model at its Monterrey facility [3]. - Methode's efforts to diversify its product offerings for various vehicle manufacturers, particularly in the electric vehicle sector, faced significant challenges including production planning deficiencies, inventory shortages, and vendor issues [3]. - The manufacturing systems at Methode's Monterrey facility reportedly suffered from logistical defects such as improper system coding, shipping errors, and quality control failures [3]. - Methode fell behind on launching new electric vehicle programs, which hindered its ability to generate revenue from these initiatives [3]. - As a result of these issues, Methode is not on track to meet its 2023 diluted earnings-per-share guidance or the projected 6% organic sales compound annual growth rate over three years [3]. Group 2: Legal Process and Representation - Investors in Methode have until October 25, 2024, to seek appointment as a lead plaintiff representative through Kessler Topaz Meltzer & Check, LLP or other counsel [4]. - A lead plaintiff acts on behalf of all class members and is typically the investor or group of investors with the largest financial interest in the case [4]. - The decision to serve as a lead plaintiff does not affect an investor's ability to share in any recovery from the lawsuit [4].