SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims on Behalf of Investors of Methode Electronics Inc. - MEI

NEW YORK, March 27, 2024

The investigation concerns whether Methode and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.   

[Click here for information about joining the class action]  

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.