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METHODE ALERT: Bragar Eagel & Squire, P.C. is Investigating Methode Electronics Inc. on Behalf of Methode Stockholders and Encourages Investors to Contact the Firm

Retrieved on:

Saturday, December 23, 2023

Class Action Lawsuit, Professional Services, Legal, Telephone, P.C, EidosMedia, News

Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Methode Electronics Inc. (“Methode” or the “Company”) (NYSE: MEI) on behalf of Methode stockholders.

Key Points:

Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Methode Electronics Inc. (“Methode” or the “Company”) (NYSE: MEI) on behalf of Methode stockholders.
Our investigation concerns whether Methode has violated the federal securities laws and/or engaged in other unlawful business practices.
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 .
Then, on December 7, 2023, Methode announced that the Company had removed Joseph Khoury from his position as Chief Operating Officer and terminated him as an employee.

ROSEN, TOP RANKED INVESTOR COUNSEL, Encourages Methode Electronics, Inc. Investors to Inquire About Securities Class Action Investigation – MEI

Retrieved on:

Wednesday, December 20, 2023

Class Action Lawsuit, Professional Services, Legal, Titan, Methode Electronics, News, Advertising, EidosMedia, Cryptocurrency

The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

Key Points:

The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=21318 or call Phillip Kim, Esq.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
1 by ISS Securities Class Action Services for number of securities class action settlements in 2017.

Methode Electronics, Inc. Reports Fiscal 2024 First Quarter Financial Results

Retrieved on:

Thursday, September 7, 2023

Adjusted income from operations, a non-GAAP financial measure, was $5.3 million, down from $21.8 million in the same quarter of fiscal 2023.

Key Points:

Adjusted income from operations, a non-GAAP financial measure, was $5.3 million, down from $21.8 million in the same quarter of fiscal 2023.
Adjusted EBITDA, a non-GAAP financial measure, was $19.3 million, compared to $38.2 million in the same quarter of fiscal 2023.
Comparing the Interface segment's quarter to the same quarter of fiscal 2023,
Net sales were $15.2 million, up from $13.0 million.
In the first quarter of fiscal 2024, the discontinuation of the Dabir Surfaces, Inc. business (which accounts for all of the segment’s financial results) was announced.

Methode Electronics Announces Planned CEO Retirement

Retrieved on:

Thursday, August 31, 2023

Methode Electronics, 2006 Nordea Nordic Light Open, EidosMedia, Original equipment manufacturer, Electronics, LED, Engineering, Growth, CDT, Spencer Stuart, NYSE, Design methods, Management

Mr. Duda has been with Methode since 2000 and has served as CEO for the last 19 years.

Key Points:

Mr. Duda has been with Methode since 2000 and has served as CEO for the last 19 years.
Under his leadership, Methode grew sales from $359 million in fiscal 2004 to $1.2 billion in fiscal 2023.
"Having served 19 years as CEO, it is time for the next successful stage of the Methode journey to begin.
Methode is well-positioned to continue on its path of growth and to drive value creation for our shareholders, customers, and employees.

Methode Electronics Releases Inaugural Corporate Social Responsibility (CSR) Report

Retrieved on:

Monday, July 17, 2023

Methode Electronics, Waste management, Lighting, ESG, LED, Electronics, Environment, NYSE, EidosMedia, CSR, Management

CHICAGO, July 17, 2023 (GLOBE NEWSWIRE) -- Methode Electronics, Inc. (NYSE: MEI), a leading global supplier of custom-engineered solutions for user interface, LED lighting and power distribution applications, released its fiscal 2023 CSR report outlining Methode’s approach to environmental, social, and governance (ESG) initiatives.

Key Points:

CHICAGO, July 17, 2023 (GLOBE NEWSWIRE) -- Methode Electronics, Inc. (NYSE: MEI), a leading global supplier of custom-engineered solutions for user interface, LED lighting and power distribution applications, released its fiscal 2023 CSR report outlining Methode’s approach to environmental, social, and governance (ESG) initiatives.
Methode’s ESG strategy builds upon its robust governance framework, commitment to a safe work environment, and focus on people.
From progress made on waste management initiatives to ongoing commitments to diversity and inclusion, the report demonstrates how Methode has made an impact on its employees, communities and customers.
President and Chief Executive Officer Donald W. Duda said, “I am proud of the work we have done to date and firmly believe that Methode is ready to deliver on our commitment to be a more responsible steward to the environment, to our communities and to our employees, in fiscal 2024 and beyond.”
To read the complete report, please visit: ir.methode.com

Methode Electronics Initiates Discontinuation of Dabir Surfaces, Inc.

Retrieved on:

Thursday, July 13, 2023

Methode Electronics, Lighting, LED, Electronics, NYSE, EidosMedia, Security (finance), Dabir

CHICAGO, July 13, 2023 (GLOBE NEWSWIRE) -- Methode Electronics, Inc. (NYSE: MEI), a leading global supplier of custom-engineered solutions for user interface, LED lighting and power distribution applications, announced today the initiation of the discontinuation of the Dabir Surfaces, Inc. business.

Key Points:

CHICAGO, July 13, 2023 (GLOBE NEWSWIRE) -- Methode Electronics, Inc. (NYSE: MEI), a leading global supplier of custom-engineered solutions for user interface, LED lighting and power distribution applications, announced today the initiation of the discontinuation of the Dabir Surfaces, Inc. business.
The Company is executing a wind down process of the Dabir business.
I want to thank the Dabir and Methode employees associated with the business for all their efforts as well as the customers who provided the opportunity to market the Dabir product.
Methode will now focus on growing its core businesses and executing the numerous program launches scheduled for this year and next.”
The Company expects to provide additional details on the Dabir discontinuation when it reports its fiscal 2024 first quarter results.

Methode Electronics, Inc. Reports Fiscal 2023 Fourth Quarter and Full Year Financial Results

Retrieved on:

Thursday, June 22, 2023

The fiscal 2023 fourth quarter’s net sales included an unfavorable foreign currency impact of $7.7 million.

Key Points:

The fiscal 2023 fourth quarter’s net sales included an unfavorable foreign currency impact of $7.7 million.
The fiscal 2023 fourth quarter’s income from operations included an unfavorable foreign currency impact of $1.6 million.
Adjusted income from operations, a non-GAAP financial measure, was $15.8 million, up from $14.6 million in the same quarter of fiscal 2022.
Net foreign exchange remeasurement loss was $4.0 million, compared to $0.2 million in the same quarter of fiscal 2022.

Methode Announces Final Results of Subsequent Offer for Shares of Nordic Lights Group Corporation

Retrieved on:

Thursday, May 11, 2023

Methode Electronics, Wachtell, Lipton, Rosen & Katz, EidosMedia, Agriculture, Electronics, EUR, Forestry, LED, Mining, Hand, News, NYSE, Mobile phone, Cryptocurrency, Nordic Light

Methode will settle the total consideration of EUR 8,657,772.12 due to shareholders who tendered in the subsequent offer with a combination of cash on hand and debt financing under its existing credit facility on or around May 12, 2023.

Key Points:

Methode will settle the total consideration of EUR 8,657,772.12 due to shareholders who tendered in the subsequent offer with a combination of cash on hand and debt financing under its existing credit facility on or around May 12, 2023.
Together with the consideration already paid to shareholders who tendered during the original offer period or who otherwise sold their shares to Methode outside of the offer, this represents a cumulative total consideration of EUR 131,008,867.55 in respect of all such shares acquired by Methode.
Nordic Lights is a premium provider of high-quality lighting solutions for heavy-duty equipment that focuses on five end-user segments: mining, construction, forestry, agriculture and material handling.
They manufacture lights for three main application areas: work lights, driving lights and signal lights.

Methode Announces Preliminary Results of Subsequent Offer for Shares of Nordic Lights Group Corporation

Retrieved on:

Tuesday, May 9, 2023

Methode Electronics, Wachtell, Lipton, Rosen & Katz, EidosMedia, Agriculture, Electronics, Forestry, LED, Mining, NYSE, Cryptocurrency, Nordic Light

Methode expects to confirm the final results of the subsequent offer on May 11, 2023, and to settle the consideration due to tendering shareholders on May 12, 2023.

Key Points:

Methode expects to confirm the final results of the subsequent offer on May 11, 2023, and to settle the consideration due to tendering shareholders on May 12, 2023.
As previously announced, Methode intends to acquire all of the outstanding shares of Nordic Lights by way of compulsory redemption proceedings under Finnish law and apply for its delisting from Nasdaq First North Growth Market Finland as soon as reasonably practicable.
Nordic Lights is a premium provider of high-quality lighting solutions for heavy-duty equipment that focuses on five end-user segments: mining, construction, forestry, agriculture and material handling.
They manufacture lights for three main application areas: work lights, driving lights and signal lights.

Methode Completes Tender Offer for Shares of Nordic Lights Group Corporation

Retrieved on:

Thursday, April 20, 2023

Methode Electronics, Lighting, Wachtell, Lipton, Rosen & Katz, EidosMedia, Original equipment manufacturer, Agriculture, Electronics, EUR, Forestry, LED, Acquisition, Mining, Radio, Transport, Hand, NYSE, Cryptocurrency, Nordic Light

Methode intends to acquire all of the outstanding shares of Nordic Lights and apply for its delisting from Nasdaq First North Growth Market Finland.

Key Points:

Methode intends to acquire all of the outstanding shares of Nordic Lights and apply for its delisting from Nasdaq First North Growth Market Finland.
Nordic Lights is a premium provider of high-quality lighting solutions for heavy-duty equipment that focuses on five end-user segments: mining, construction, forestry, agriculture and material handling.
They manufacture lights for three main application areas: work lights, driving lights and signal lights.
We welcome the talented Nordic Lights team and look forward to further growing and strengthening the business.”
Moelis & Company LLC acted as exclusive financial advisor to Methode.