Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

The Law Offices of Frank R. Cruz Continues Investigation of Methode Electronics, Inc. (MEI) on Behalf of Investors

MEI

The Law Offices of Frank R. Cruz continues its investigation of Methode Electronics, Inc. (“Methode” or the “Company”) (NYSE: MEI) on behalf of investors concerning the Company’s possible violations of federal securities laws.

If you are a shareholder who suffered a loss, click here to participate.

On July 14, 2023, Methode announced that its Chief Operating Officer, Joseph Khoury, had been placed on leave and that his “powers, authority and duties . . . were suspended.”

Then, on December 7, 2023, Methode disclosed that Khoury had been terminated as an employee of the Company’s Egyptian subsidiary and is no longer associated with the Company, stating that “the Company has eliminated the position of Chief Operating Officer for the present time.”

On this news, Methode’s stock price fell $2.26, or 9.3%, to close at $22.13 per share on December 7, 2023, thereby injuring investors.

Then, on March 7, 2024, Methode released its third quarter fiscal 2024 financial results, missing consensus estimates. Additionally, the Company stated that previous guidance should no longer be relied upon due to various market and operational challenges that the business was facing.

On this news, Methode’s stock price fell $6.41, or 31.1%, to close at $14.18 per share on March 7, 2024, thereby injuring investors further.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Methode securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Tags:


Get the latest news and updates from Stockhouse on social media

Follow STOCKHOUSE Today