The Law Offices of Frank R. Cruz Continues Investigation of Methode Electronics, Inc. (MEI) on Behalf of Investors
The Law Offices of Frank R. Cruz continues its investigation of Methode Electronics, Inc. (“Methode” or the “Company”) (NYSE: MEI) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On July 14, 2023, Methode announced that its Chief Operating Officer, Joseph Khoury, had been placed on leave and that his “powers, authority and duties . . . were suspended.”
Then, on December 7, 2023, Methode disclosed that Khoury had been terminated as an employee of the Company’s Egyptian subsidiary and is no longer associated with the Company, stating that “the Company has eliminated the position of Chief Operating Officer for the present time.”
On this news, Methode’s stock price fell $2.26, or 9.3%, to close at $22.13 per share on December 7, 2023, thereby injuring investors.
Then, on March 7, 2024, Methode released its third quarter fiscal 2024 financial results, missing consensus estimates. Additionally, the Company stated that previous guidance should no longer be relied upon due to various market and operational challenges that the business was facing.
On this news, Methode’s stock price fell $6.41, or 31.1%, to close at $14.18 per share on March 7, 2024, thereby injuring investors further.
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If you purchased Methode securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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