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

NEW YORK, May 30, 2024 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors in Methode Electronics Inc. (“Methode” or the “Company”) (NYSE: MEI). Such investors are advised to contact Danielle Peyton at (email protected) or 646-581-9980, extension 7980.

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

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At July 14, 2023announced that “(o)n July 10, 2023, Joseph Khoury has been placed on leave from his position as Chief Operating Officer … and his powers, authority and duties as such officer of the Company have been suspended.”

Following this news, the share price of Methode $0.53 per share or 1.57% and closed at $33.27 per share on July 142023.

Then on December 7, 2023Methode announced that the company Joseph Khoury from his position as Chief Operating Officer and dismissed him as an employee.

Following this news, the share price of Methode $2.27 per share or 9.27% ​​and closed at $22.13 per share on 7 December2023.

Then on March 7, 2024Methode announced its financial and operating results for the third quarter of fiscal year 2024, ended January 27, 2024The company reported third quarter non-GAAP earnings per share of –$0.33Failure to meet expectations due to 0.41 USDand revenue from 259.5 million US dollarsFailure to meet expectations due to $28.53 millionCiting several market and operational hurdles, Methode announced the suspension of its future financial guidance and noted that past forecasts should no longer be relied upon.

Following this news, the share price of Methode $6.55 per share or 31.13% and closed at 14,49 € per share on 7th March2024.

At May 7, 2024Method announced that on May 1, 2024Managing Director Avi Avula “has informed the Board of Directors of the Company of his decision to resign with immediate effect.”

Following this news, the share price of Methode $1.20 per share or 9.55% and closed at $11.36 per share on May 7, 2024.

Pomerantz LLP, with offices in new York, Chicago, Los Angeles, London, ParisAnd Tel-Avivis considered one of the leading law firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. PomerantzKnown as the dean of class action lawyers, Pomerantz was a pioneer in the field of securities class action litigation. Today, more than 85 years later, Pomerantz continues the tradition he established and fights for the rights of victims of securities class action litigation. FraudBreach of fiduciary duty and corporate misconduct. The firm has won numerous millions of dollars in damages on behalf of class action plaintiffs. See www.pomlaw.com.

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CONTACT:
Danielle Peyton
Pomerantz LLP
(email protected)
646-581-9980 extension 7980

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