Methode Electronics
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
On July 14, 2023, Methode announced the suspension of its Chief Operating Officer, Joseph Khoury, by putting him on leave and withdrawing his responsibilities and authority.
Subsequently, on December 7, 2023, Methode revealed that Khoury had been fired from his role in the company’s Egyptian branch and was no longer part of Methode. The firm also mentioned that it had decided to discontinue the Chief Operating Officer position temporarily.
Following up, on March 7, 2024, Methode released its financial outcomes for the third quarter of the fiscal year 2024, which ended on January 27, 2024. The company reported a third-quarter non-GAAP EPS of -$0.33, falling short of the expectations by $0.41, and a revenue of $259.5M, which was below the forecasts by $28.53 million. Citing several market and operational hurdles, Methode announced the suspension of its future financial guidance and advised that previous forecasts should no longer be considered reliable. On the day of the announcement, Methode’s stock price dropped by 31%.
