NEW YORK, NY / ACCESSWIRE / March 19, 2024 / Levi & Korsinsky notifies investors that it has commenced an investigation of Methode Electronics, Inc. ("Methode Electronics") (NYSE:MEI) concerning possible violations of federal securities laws.
On December 7, 2023, Methode disclosed that its Chief Operating Officer, Joseph 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." Then on March 7, 2024, Methode reported financial results for the third quarter of fiscal 2024 ended January 27, 2024. Methode reported Q3 non-GAAP EPS of -$0.33 missing estimates by $0.41 and revenue of $259.5M missing estimates by $28.53 million. The Company said due to various market and operational challenges the business was facing, it would suspended forward-looking guidance; and all earlier guidance provided should no longer be relied upon. Following this news, Methode stock dropped over 31%. To obtain additional information, go to:
https://zlk.com/pslra-1/methode-electronics-inc-lawsuit-submission-form?prid=71819&wire=1
or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212)363-7500.
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Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
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[email protected]
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SOURCE: Levi & Korsinsky, LLP