DEADLINE REMINDER: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Methode Electronics

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Methode Electronics, Inc. due to alleged violations of federal securities laws, encouraging investors who suffered losses exceeding $75,000 to contact them directly [1][1][1] Company Overview - Methode Electronics, Inc. (NYSE: MEI) is facing a federal securities class action with a deadline for lead plaintiff applications set for October 25, 2024 [1][1][1] - The firm has a history of recovering hundreds of millions of dollars for investors since its founding in 1995 [1] Allegations Against Methode Electronics - The complaint alleges that Methode Electronics 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 [1][1][1] - The company faced production planning deficiencies, inventory shortages, and vendor issues while attempting to diversify its product offerings, particularly in the electric vehicle sector [1][1][1] - Manufacturing systems at the Monterrey facility suffered from logistical defects, including improper system coding and shipping errors [1][1][1] - Methode Electronics fell behind on launching new electric vehicle programs, affecting revenue from new program awards [1][1][1] - The company was not on track to meet its 2023 earnings-per-share guidance or the projected 6% organic sales compound annual growth rate [1][1][1] Stock Price Reactions - Following the announcement of COO Joseph Khoury's leave on July 14, 2023, Methode Electronics' stock price fell by $0.53 (1.57%) to $33.27 [1][1][1] - After Khoury's termination on December 7, 2023, the stock price dropped by $2.27 (9.27%) to $22.13 [1][1][1] - On March 7, 2024, the company reported a non-GAAP earnings per share of -$0.33, missing expectations by $0.41, and revenue of $259.5 million, missing by $28.53 million, leading to a stock price decline of $6.55 (31.13%) to $14.49 [1][1][1] Legal Proceedings - The lead plaintiff in the class action will be the investor with the largest financial interest who is typical of class members [1][1][1] - Any member of the class may move to serve as lead plaintiff or remain an absent class member without affecting their ability to share in any recovery [1][1][1] - Faruqi & Faruqi encourages individuals with information regarding Methode Electronics' conduct to come forward [1][1][1]