ATLANTA, GA – – (Globe Newswire – August 27, 2024) – – A shareholder class action lawsuit has been filed against Methode Electronics, Inc. (“Methode” or “the Company”) (NYSE: MEI). The lawsuit alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (a) the Company had lost highly skilled and experienced employees during the COVID-19 pandemic necessary to successfully complete the Company’s transition from its historic low mix, high volume production model to a high mix, low production model at its Monterrey facility; (b) Methode’s attempts to replace its GM center console production with more diversified, specialized products for a wider array of vehicle manufacturers and OEMS, in particular in the EV space, had been plagued by production planning deficiencies, inventory shortages, vendor and supplier problems, and, ultimately, botched execution of the Company’s strategic plans; (c) the Company’s 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; (d) 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; and (e) as a result of (a)-(d) above, Methode was not on track to achieve the 2023 diluted EPS guidance or the 3-year 6% organic sales CAGR represented to investors and such estimates lacked a reasonable factual basis.

If you bought shares of Methode between June 23, 2022 and March 6, 2024, and you suffered a significant loss on that investment, you are encouraged to discuss your legal rights by contacting Corey D. Holzer, Esq. at cholzer@holzerlaw.com, by toll-free telephone at (888) 508-6832 or you may visit the firm’s website at www.holzerlaw.com/case/methode-electronics/ to learn more.

The deadline to ask the court to be appointed lead plaintiff in the case is October 25, 2024.