NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of those who acquired Methode Electronics, Inc. (“Methode” or the “Company”) (NYSE: MEI) securities during the period of June 23, 2022 through March 6, 2024, inclusive (the “Class Period”). Investors have until October 25, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
The lawsuit alleges that Methode failed to disclose that: (i) it had lost highly skilled and experienced employees during the COVID-19 pandemic necessary to successfully complete the Company's transition to a high mix, low production model at its Monterrey facility; (ii) its attempts to replace its General Motors center console production with more diversified, specialized products for a wider array of vehicle manufacturers and OEMs, in particular in the electric vehicle (“EV”) space, had been plagued by production planning deficiencies, inventory shortages, and supplier problems; (iii) Methode's manufacturing systems at its Monterrey facility suffered from logistical defects; and (iv) Methode 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.
If you purchased or otherwise acquired Methode securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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