Levi & Korsinsky Reminds Shareholders of a Lead Plaintiff Deadline of October 25, 2024 in Methode Electronics, Inc. Lawsuit – MEI

Core Viewpoint - Methode Electronics, Inc. is facing a class action securities lawsuit due to alleged securities fraud that affected investors between June 23, 2022, and March 6, 2024 [1][2]. Group 1: Allegations of Fraud - The lawsuit claims that Methode Electronics made false statements and concealed significant issues during the COVID-19 pandemic, including the loss of skilled employees necessary for transitioning production models [2]. - The company reportedly faced production planning deficiencies, inventory shortages, and supplier problems while attempting to diversify its product offerings, particularly in the electric vehicle (EV) sector [2]. - Manufacturing systems at the Monterrey facility were said to suffer from logistical defects, including improper system coding and shipping errors, which hindered timely revenue from new EV programs [2]. - As a result of these issues, Methode Electronics was not on track to meet its 2023 diluted earnings per share guidance or achieve a 6% organic sales CAGR over three years, indicating that these estimates lacked a reasonable factual basis [2]. Group 2: Legal Proceedings - Investors who suffered losses during the specified timeframe have until October 25, 2024, to request appointment as lead plaintiff in the lawsuit [3]. - Participation in the lawsuit does not require any out-of-pocket costs or fees for class members [3]. Group 3: Law Firm Background - Levi & Korsinsky, LLP has a history of securing significant settlements for shareholders and is recognized as one of the top securities litigation firms in the United States [4].