Notice to All Long Term Shareholders of Methode Electronics, Inc: Johnson Fistel Continues Investigation On Behalf of Your Claims

Johnson Fistel, PLLP, a leading stockholder rights law firm, has initiated an investigation into certain board members and executive officers of Methode Electronics, Inc. (NYSE: MEI) for potential breaches of fiduciary duties and violations of federal securities laws.

What is Johnson Fistel Investigating?
Previously, a class action complaint was filed against the Company alleging that Methode Electronics had lost highly skilled and experienced employees during the COVID-19 pandemic necessary to successfully complete Methode Electronics’ transition from its historic low mix, high volume production model to a high mix, low production model at its Monterrey facility; (ii) Methode Electronics’ attempts to replace its General Motors center console production with more diversified, specialized products for a wider array of vehicle manufacturers and OEMs, in particular in the electric vehicle (“EV”) space, had been plagued by production planning deficiencies, inventory shortages, vendor and supplier problems, and, ultimately, botched execution of Methode Electronics’ strategic plans; (iii) Methode Electronics’ manufacturing systems at its critical Monterrey facility suffered from a variety of logistical defects, such as improper system coding, shipping errors, erroneous delivery times, deficient quality control systems, and failures to timely and efficiently procure necessary raw materials; (iv) Methode Electronics had fallen substantially behind on the launch of new EV programs out of its Monterrey facility, preventing Methode Electronics from timely receiving revenue from new EV program awards; and (v) as a result, Methode Electronics was not on track to achieve the 2023 diluted earnings-per-share guidance or the 3-year 6% organic sales compound annual growth rate represented to investors and such estimates lacked a reasonable factual basis.

Stock Purchasers Before June 23, 2022 Have Rights:
Current stockholders who held their Methode Electronics stock before June 23, 2022, are encouraged to contact Johnson Fistel to discuss their legal rights in this matter.