NEW ORLEANS, Sept. 03, 2024 (GLOBE NEWSWIRE) — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until October 25, 2024 to file lead plaintiff applications in a securities class action lawsuit against Methode Electronics, Inc. (NYSE: MEI), if they purchased the Company’s shares between June 23, 2022 and March 6, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of Illinois.
What You May Do
If you purchased shares of Methode and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-mei/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by October 25, 2024.
About the Lawsuit
Methode and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 7, 2024, the Company announced its financial results for 3Q2024, disclosing that its Automotive Segment generated only $139.7 million in net sales for the quarter and suffered an $11 million loss from operations, and that it was withdrawing its prior guidance due in substantial part to the “operational challenges” at its Monterrey facility and that its prior statements regarding the guidance should no longer be relied upon.
On this news, the price of Methode’s shares fell 31%, from $21.04 per share when the market closed on March 6, 2024 to $14.49 per share when the market closed on March 7, 2024, on abnormally high volume.
The case is Salem v. Methode Electronics, Inc., No. 24-cv-07696.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163
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