NEW
YORK, Sept. 12, 2024 /PRNewswire/ -- The Gross
Law Firm issues the following notice to shareholders of Methode
Electronics, Inc. (NYSE: MEI).
Shareholders who purchased shares of MEI during the class period
listed are encouraged to contact the firm regarding possible lead
plaintiff appointment. Appointment as lead plaintiff is not
required to partake in any recovery.
CONTACT US HERE:
https://securitiesclasslaw.com/securities/methode-electronics-inc-loss-submission-form/?id=101862&from=4
CLASS PERIOD: June 23, 2022
to March 6, 2024
ALLEGATIONS: The complaint alleges that during the
class period, Defendants issued materially false and/or misleading
statements and/or failed to disclose that: (a) during the COVID-19
pandemic, the Company had lost highly skilled and experienced
employees necessary to successfully complete the Company's
transition from its historic low mix, high volume production model
to a high mix, low production model at its Monterrey facility; (b)
the Company's attempts to replace its GM center console production
with more diversified, specialized products for a wider array of
vehicle manufacturers and original equipment manufacturers,
particularly in the EV space, had been plagued by production
planning deficiencies, inventory shortages, vendor and supplier
problems, and, ultimately, botched execution of the Company's
strategic plans; (c) the Company's manufacturing systems at its
critical Monterrey facility suffered from a variety of logistical
defects, such as improper system coding, shipping errors, erroneous
delivery times, deficient quality control systems, and failures to
timely and efficiently procure necessary raw materials; (d) the
Company had fallen substantially behind on the launch of new EV
programs out of its Monterrey facility, preventing the Company from
timely receiving revenue from new EV program awards; and (e) as a
result of (a)-(d) above, the Company was not on track to achieve
the 2023 diluted earnings per share guidance or the 3-year 6%
organic sales CAGR represented to investors, and such estimates
lacked a reasonable factual basis.
DEADLINE: October 25, 2024
Shareholders should not delay in registering for this class action.
Register your information here:
https://securitiesclasslaw.com/securities/methode-electronics-inc-loss-submission-form/?id=101862&from=4
NEXT STEPS FOR SHAREHOLDERS: Once you register as a
shareholder who purchased shares of MEI during the timeframe listed
above, you will be enrolled in a portfolio monitoring software to
provide you with status updates throughout the lifecycle of the
case. The deadline to seek to be a lead plaintiff is October 25, 2024. There is no cost or obligation
to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally
recognized class action law firm, and our mission is to protect the
rights of all investors who have suffered as a result of deceit,
fraud, and illegal business practices. The Gross
Law Firm is committed to ensuring that companies adhere to
responsible business practices and engage in good corporate
citizenship. The firm seeks recovery on behalf of investors who
incurred losses when false and/or misleading statements or the
omission of material information by a company lead to artificial
inflation of the company's stock. Attorney advertising. Prior
results do not guarantee similar outcomes.
CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (646) 453-8903
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SOURCE The Gross Law Firm