Methode Electronics, Inc.
Case Overview
30 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 10/25/2024 |
Status: | Status: Investigating |
Company Name: | Company Name: Methode Electronics, Inc. |
Court: | Court: Northern District of Illinois |
Case Number: | Case Number: 1:24cv07696 |
Class Period: | Class Period: 06/23/2022 - 03/06/2024 |
Ticker: | Ticker: MEI |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
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.
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.
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.