| COMPANY |
Methode Electronics, Inc. |
| COURT |
United States District Court for the Northern District of Illinois |
| CASE NUMBER |
24-cv-07696 and 24-cv-09654 |
| JUDGE |
The Hon. Sara Lee Ellis |
| CLASS PERIOD |
December 2, 2021 through March 6, 2024 |
| SECURITY TYPE |
Common Stock |
Case Background:
The Class Period begins on December 2, 2021, when Methode filed its second quarter 2022 financial results. In connection with these results, Defendant Donald W. Duda, the Company’s then-President and Chief Executive Officer, touted the “diversity of awards across key applications” and that “business awards over the last couple of years have put us on track in aggregate to replace the sales from the roll off of this truck [center console] program.” In fact, Defendant Duda also explained to investors during the Company’s investor earnings call that Methode “expect[s] that . . . as that [center console program] rolls off and other programs roll on, that our margins would improve.”
Throughout the Class Period, Defendants repeatedly assured investors that Methode’s Automotive segment was growing and acquiring new business, but failed to disclose that Methode could not adequately meet its customers’ needs because the Company was saddled by operational inefficiencies in North America, including planning deficiencies, inventory shortages, and shipping delays.
Current Status of Case:
On October 25, 2024, Movants filed Motions to Consolidate Cases and Appoint Lead Plaintiff. On February 3, 2025, the Court appointed Lead Plaintiff. This action is ongoing.
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