Security Investigation
Methode Electronics, Inc. (NYSE: MEI)
3 Days left to seek lead plaintiff status.
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Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until October 25, 2024 to file lead plaintiff applications in a securities class action lawsuit against Methode Electronics, Inc. (NYSE: MEI).
Methode and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 7, 2024, the Company announced its financial results for 3Q2024, disclosing that its Automotive Segment generated only $139.7 million in net sales for the quarter and suffered an $11 million loss from operations, and that it was withdrawing its prior guidance due in substantial part to the “operational challenges” at its Monterrey facility and that its prior statements regarding the guidance should no longer be relied upon.
On this news, the price of Methode’s shares fell 31%, from $21.04 per share when the market closed on March 6, 2024 to $14.49 per share when the market closed on March 7, 2024, on abnormally high volume.
If you purchased shares of Methode and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or fill out the form on this page.
The first-filed case is Salem v. Methode Electronics, Inc., No. 24-cv-07696. Another case was subsequently filed, City Of Cape Coral Municipal General Employees Retirement Plan v. Methode Electronics, Inc., No. 24cv9654