NEW YORK, Sept. 10, 2024 (GLOBE NEWSWIRE) -- The Gross Law Firm issues the following notice to shareholders of Methode Electronics, Inc. (: 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:
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=101223&from=3
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.
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