Faruqi & Faruqi Reminds Methode Electronics Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of October 25, 2024 - MEI

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Methode Electronics, Inc. due to allegations of violations of federal securities laws, with a deadline for investors to seek lead plaintiff status in a class action lawsuit by October 25, 2024 [2][4]. Group 1: Allegations Against Methode Electronics - The complaint alleges that Methode Electronics made false and misleading statements and failed to disclose significant operational issues, including the loss of skilled employees during the COVID-19 pandemic, which affected its production transition [4]. - The company faced production planning deficiencies, inventory shortages, and vendor problems while attempting to diversify its product offerings, particularly in the electric vehicle sector [4]. - Methode Electronics' manufacturing systems at its Monterrey facility suffered from logistical defects, including improper system coding and shipping errors, which hindered its operational efficiency [4]. - The company fell behind on launching new electric vehicle programs, impacting its revenue generation from these initiatives [4]. - As a result of these issues, Methode Electronics was not on track to meet its 2023 earnings-per-share guidance or its projected organic sales growth rate [4]. Group 2: Stock Price Reactions - Following the announcement of COO Joseph Khoury's leave on July 14, 2023, Methode Electronics' stock price dropped by $0.53, or 1.57%, closing at $33.27 [5]. - After Khoury's termination on December 7, 2023, the stock price fell by $2.27, or 9.27%, to close at $22.13 [6]. - On March 7, 2024, the company reported third-quarter results that missed expectations, leading to a significant stock price decline of $6.55, or 31.13%, closing at $14.49 [7][8].