PR Newswire
NEW YORK, Oct. 14, 2024
NEW YORK, Oct. 14, 2024 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Methode Electronics, Inc. (NYSE: MEI) between June 23, 2022 and March 6, 2024, both dates inclusive (the "Class Period"), of the important October 25, 2024 lead plaintiff deadline.
So what: If you purchased Methode common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
What to do next: To join the Methode class action, go to https://rosenlegal.com/submit-form/?case_id=21318 mailto:or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 25, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
Details of the case: According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Methode had lost highly skilled and experienced employees during the COVID-19 pandemic necessary to successfully complete Methode's transition from its historic low mix, high volume production model to a high mix, low production model at its Monterrey, Mexico facility; (2) Methode's attempts to replace its General Motors ("GM") center console production with more diversified, specialized products for a wider array of vehicle manufacturers and Original Equipment Manufacturers ("OEMs"), in particular in the electric vehicle ("EV") space, had been plagued by production planning deficiencies, inventory shortages, vendor and supplier problems, and, ultimately, botched execution of Methode's strategic plans; (3) Methode'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; (4) Methode had fallen substantially behind on the launch of new EV programs out of its Monterrey facility, preventing Methode from timely receiving revenue from new EV program awards; and (5) as a result of the foregoing, Methode was not on track to achieve the 2023 diluted earnings per share ("EPS") guidance or the 3-year 6% organic sales compound annual growth rate ("CAGR") represented to investors and such estimates lacked a reasonable factual basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Methode class action, go to https://rosenlegal.com/submit-form/?case_id=21318 mailto:or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/mei-investors-have-opportunity-to-lead-methode-electronics-inc-securities-fraud-lawsuit-302274708.html
SOURCE THE ROSEN LAW FIRM, P. A.
