NEW
YORK, Sept. 26, 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=105018&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=105018&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