NEW YORK, May 16, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Methode Electronics Inc. ("Methode" or the "Company") (NYSE: MEI). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Methode and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On July 14, 2023, Methode announced that "[o]n July 10, 2023, Joseph Khoury was placed on leave from his position as Chief Operating Officer . . . , and his powers, authority and duties as such officer of the Company were suspended."
On this news, Methode's stock price fell $0.53 per share, or 1.57%, to close at $33.27 per share on July 14, 2023.
Then, on December 7, 2023, Methode announced that the Company had removed Joseph Khoury from his position as Chief Operating Officer and terminated him as an employee.
On this news, Methode's stock price fell $2.27 per share, or 9.27%, to close at $22.13 per share on December 7, 2023.
Then, on March 7, 2024, Methode announced its financial and operating results for the third quarter of fiscal year 2024, which ended on January 27, 2024. The Company reported third-quarter non-GAAP earnings per share of -$0.33, missing expectations by $0.41, and revenue of $259.5 million, missing expectations by $28.53 million. Citing several market and operational hurdles, Methode announced the suspension of its future financial guidance and advised that previous forecasts should no longer be considered reliable.
On this news, Methode's stock price fell $6.55 per share, or 31.13%, to close at $14.49 per share on March 7, 2024.
On May 7, 2024, Methode disclosed that on May 1, 2024, Chief Executive Officer Avi Avula "informed the Company's Board of Directors of his decision to resign, effective immediately."
On this news, Methode's stock price fell $1.20 per share, or 9.55%, to close at $11.36 per share on May 7, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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SOURCE Pomerantz LLP
