SHAREHOLDER ALERT: 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][3]. Group 1: Allegations Against Methode Electronics - The complaint alleges that Methode Electronics and its executives made false or misleading statements and failed to disclose significant operational issues, including the loss of skilled employees during the COVID-19 pandemic, which affected the company's transition to a new production model [3]. - The company faced production planning deficiencies, inventory shortages, and vendor problems while attempting to diversify its product offerings, particularly in the electric vehicle sector [3]. - Methode Electronics' manufacturing systems at its Monterrey facility suffered from logistical defects, including improper system coding and shipping errors, which hindered timely revenue from new electric vehicle programs [3]. - The company was reported to be behind on launching new electric vehicle programs, impacting its ability to meet previously stated earnings guidance and organic sales growth targets [3]. Group 2: Stock Price Reactions - Following the announcement of COO Joseph Khoury's leave on July 14, 2023, Methode Electronics' stock price fell by $0.53, or 1.57%, closing at $33.27 [4]. - After Khoury's termination on December 7, 2023, the stock price dropped by $2.27, or 9.27%, closing at $22.13 [5]. - 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 [6][7].