NYSE: MEI

Methode Electronics, Inc.

Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Methode Electronics, Inc. (NYSE: MEI) resulting from allegations that Methode may have issued materially misleading business information to the investing public.

If you purchased Methode Electronics, Inc. securities and would like to join the prospective action, please click “Join This Class Action.”

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Details of investigation:

On July 14, 2023, Methode announced that “[o]n July 10, 2023, Joseph Khoury was placed on leave from his position as Chief Operating Officer.” The announcement added that “[Khoury’s] powers, authority and duties as such officer of the Company were suspended.”

Then, on December 7, 2023, Methode announced that “[o]n December 5, 2023, the Board of Directors of Methode Electronics, Inc. (the “Company”) removed Joseph Khoury from his position as Chief Operating Officer of the Company, and Mr. Khoury was terminated as an employee of the Company’s Egyptian subsidiary and is no longer associated with the Company.” The announcement explained that “multiple other officers of the Company have assumed Mr. Khoury’s management duties during this period, while remaining in their current positions and as a result, the Company has eliminated the position of Chief Operating Officer for the present time.”

On this news, the price of Methode stock dropped by $2.26 per share, or 9%, to close at $22.13 on December 7, 2023.

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Company Name: Methode Electronics, Inc.
Stock Symbol: MEI
Class Period: N/A
Court: N/A
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