INTRODUCTION TO THE METHODE ELECTRONICS CLASS ACTION LAWSUIT

The Methode Electronics class action lawsuit seeks to represent purchasers of Methode Electronics, Inc. (NYSE: MEI) publicly traded securities between June 23, 2022 and March 6, 2024, both dates inclusive (the “Class Period”).  Captioned Salem v. Methode Electronics, Inc., No. 24-cv-07696 (N.D. Ill.), the Methode Electronics class action lawsuit charges Methode Electronics and certain of Methode Electronics’ top former executive officers with violations of the Securities Exchange Act of 1934.

If you have suffered losses in Methode Electronics stock and are interested in becoming the lead plaintiff in the Methode Electronics class action lawsuit or have any inquiries regarding your rights as a shareholder, please reach out to Methode Electronics Stock Loss Lawyer Timothy L. Miles at no cost.  You can contact him by calling 855/846-6529, sending an e-mail to [email protected], or filling out a contact form. 

Lead plaintiff motions for the Methode Electronics class action lawsuit must be filed with the court no later than October 25, 2024.

allegations in the Methode Electronics class action lawsuit

Methode Electronics, a mechatronic products designer for OEMs, faces a class action lawsuit alleging misleading statements and omissions. The Methode Electronics class action lawsuit claims Methode Electronics misled investors during the Class Period.  Key points include:
• Loss of skilled workforce during COVID-19 pandemic:

  • Hindered transition to high mix, low production model at Monterrey facility
  • Impacted ability to complete strategic plans effectively

• Production and operational challenges:

  • Inventory shortages and vendor problems plagued diversification efforts
  • Logistical defects at Monterrey facility, including shipping errors and quality control issues

• Delays in Electric Vehicle (EV) program launches:

  • Fell behind schedule for new EV programs at Monterrey facility
  • Prevented timely revenue realization from new EV program awards

• Alleged failure to disclose:

  • Difficulties in transitioning production models
  • Execution problems with strategic plans
  • Manufacturing system deficiencies

• Financial misrepresentation claims:

  • 2023 diluted earnings-per-share guidance allegedly lacked reasonable basis
  • 3-year 6% organic sales compound annual growth rate projections questioned

• Impact of Investors:

  • ​Potential significant financial impact on investors who relied on these statements
  • Lawsuit seeks to hold Methode Electronics accountable for alleged false and misleading statements

THE LEAD PLAINTIFF DEADLINE IN THE Methode Electronics class action lawsuit

​​Lead plaintiff motions for the Methode Electronics class action lawsuit must be filed with the court no later than October 25, 2024.​
When a securities class action is filed such as the Methode Electronics class action lawsuit:

  1. The person who files the first complaint is required to publish a notice announcing the filing.
  2. Anyone who wants to be lead plaintiff on behalf of the class must thereafter file a motion to be appointed as lead plaintiff(s) no later than 60 days after the notice was published. 

YOU HAVE TWO CHOICES IF YOU RECEIVE A NOTICE IN THE METHODE ELECTRONICS CLASS ACTION LAWSUIT

​​​First, read the notice very carefully.  You have two choices. 

  • First, you can do nothing and remain a member of the class represented by lead counsel. 
  • Second, if you believe you have a large enough loss to justify it, you can opt out of the Methode Electronics class action lawsuit and file your own separate lawsuit.

​Note, that if you opt-out, you will not be able to participate in any settlement or recovery obtained in the Methode Electronics class action lawsuit.

THE LEAD PLAINTIFF PROCESS IN THE Methode Electronics CLASS ACTION LAWSUIT

​The Private Securities Litigation Reform Act of 1995 (PSLRA) permits any investor who purchased and suffered losses in Methode Electronics​​ stock to seek appointment as lead plaintiff in the Methode Electronics class action lawsuit.

  • A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. 
  • A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit.
  • The lead plaintiff can select a law firm of its choice to litigate the securities class action lawsuit. 
  • An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. 

THE BENEFITS OF SERVING AS A LEAD PLAINTIFF IN THE Methode Electronics CLASS ACTION LAWSUIT

  1. Negotiating more competitive attorney fees and reducing litigation costs.​
  2. Managing the litigation by overseeing the progress of the case and reviewing important filings.
  3. Participating in mediation and settlement discussions.
  4. Having a voice in decision-making processes regarding the settlement.
  5. No financial risk, as lead counsel covers all costs and expenses and are paid only if they secure a  settlement or judgment recovery for the class
  6. Potentially enjoying long-term benefits from governance reform resulting from the litigation.

THE RESPONSIBILITIES THE LEAD PLAINTIFF WILL HAVE IN THE Methode Electronics CLASS ACTION LAWSUIT

  1. Negotiating more competitive attorney fees and reducing litigation costs.
  2. Managing the litigation by overseeing the progress of the case and reviewing important filings.
  3. Participating in mediation and settlement discussions.
  4. Having a voice in decision–making processes regarding the settlement.
  5. No financial risk, as lead counsel covers all costs and expenses and are paid only if they secure a  settlement or judgment recovery for the class
  6. Potentially enjoying long-term benefits from governance reform resulting from the litigation.

ELIGIBILITY CRITERIA FOR LEAD PLAINTIFF APPOINTMENT

​To be eligible for appointment as the lead plaintiff in the Methode Electronics class action lawsuit, an investor must meet the following criteria:

  1. Securities Acquisition: The investor must have purchased or acquired Methode Electronics​common stock during the Class Period, spanning June 23, 2022, and March 6, 2024.
  2. Financial Losses: The investor must have suffered financial losses as a direct result of the alleged securities fraud perpetrated by Methode Electronics and its executives.
  3. Typicality and Adequacy: The investor’s legal claims must be typical of those asserted on behalf of the class, and they must demonstrate their ability to adequately represent the interests of the entire class through experience, resources, and the absence of conflicts of interest.

It is crucial to note that both domestic and international investors who meet these criteria are eligible to seek appointment as the lead plaintiff in the Methode Electronics class action lawsuit, as courts have consistently recognized the rights of non-U.S. investors in securities class actions.

STAGES OF THE Methode Electronics CLASS ACTION LAWSUIT

  1. ​Consolidation and Lead Plaintiff Appointment
  2. Filing of Consolidated Complaint
  3. Motion to Dismiss
  4. Class Certification
  5. Discovery
  6. Settlement Negotiations and Mediation
  7. Summary Judgment Motions
  8. Trial
  9. Appeals

Resources for Investors in the METHODE ELECTRONICS Class Action Lawsuit and Others