NEW ORLEANS, Oct. 09, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until October 25, 2024 to file lead plaintiff applications in securities class action lawsuits against Methode Electronics, Inc. (NYSE: MEI), if they purchased the Company’s shares between December 2, 2021 and March 6, 2024, inclusive (the “Class Period”). These actions are pending in the United States District Court for the Northern District of Illinois.
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Methode Electronics investors should visit us at https://claimsfiler.com/cases/nyse-mei/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
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.
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
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