Philadelphia, Pennsylvania--(Newsfile Corp. - December 23, 2024) - Current Methode Electronics, Inc (NYSE: MEI) shareholders who have held Methode shares since prior to June 23, 2022, can seek corporate reforms, the return of funds back to the company, and a court approved incentive awardat no cost to them whatsoever. Click here to learn more:https://grabarlaw.com/the-latest/methode-shareholder-investigation/, contact Joshua H. Grabar at jgrabar@grabarlaw.com, or call 267-507-6085.
Grabar Law Office is investigating claims on behalf of Methode Electronics shareholders. The investigation concerns whether certain officers of Methode Electronics have breached their fiduciary duties owed to the company.
Why: A recently filed securities fraud class action complaint alleges that Methode Electronics, via certain of its officers and directors, made false and/or misleading statements and/or failed to disclose that: (i) Methode Electronics had lost highly skilled and experienced employees during the COVID-19 pandemic necessary to successfully complete Methode Electronics' transition from its historic low mix, high volume production model to a high mix, low production model at its Monterrey facility; (ii) Methode Electronics' 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, vendor and supplier problems, and, ultimately, botched execution of Methode Electronics' strategic plans; (iii) Methode Electronics' manufacturing systems at its critical Monterrey facility suffered from a variety of logistical defects, such as improper system coding, shipping errors, erroneous delivery times, deficient quality control systems, and failures to timely and efficiently procure necessary raw materials; (iv) Methode Electronics had fallen substantially behind on the launch of new EV programs out of its Monterrey facility, preventing Methode Electronics from timely receiving revenue from new EV program awards; and (v) as a result, Methode Electronics was not on track to achieve the 2023 diluted earnings-per-share guidance or the 3-year 6% organic sales compound annual growth rate represented to investors and such estimates lacked a reasonable factual basis.
Current Methode Electronics shareholders who have held Methode Electronics stock since prior to June 23, 2022, can seek corporate reforms, the return of funds back to the company, and a court approved incentive award at no cost to them whatsoever.
If you would like to learn more about this matter, you are encouraged to visit https://grabarlaw.com/the-latest/methode-shareholder-investigation/, contact us at jgrabar@grabarlaw.com, or call 267-507-6085.
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