Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, March 11, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Methode Electronics, Inc. (“Methode” or the “Company”) (NYSE: MEI) investors that the law firm has initiated an investigation on behalf of investors that lost money on their Methode stock. Methode investors are encouraged to contact the firm to discuss their legal rights.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
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%.
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The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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