As a result of these disclosures, the price of Beyond Meat stock declined by $5.58 per share, or nearly 8%, from $70.09 per share to $64.51 per share. On December 9, 2021, after the market closed, multiple media sources reported that Taco Bell had cancelled a planned product test due to ongoing quality concerns. As a result of these disclosures, the price of Beyond Meat stock declined by $3.01 per share, or more than 3.5%, from $83.48 per share to $80.97 per share. belated decision-making" that corresponded with exacerbated production delays. Former employees reported that there were "significant internal problems" stemming from "confusion and misalignment. Then, on November 17, 2021, an article was published in Bloomberg highlighting the delays in production and execution challenges Beyond Meat was facing. For example, on November 10, 2021, Defendant Brown claimed that the Company "overcame numerous technical challenges" and blamed its poor financial results on the Covid-19 pandemic. ![]() However, Beyond Meat continued to assure investors of the success of its partnerships. As a result of this disclosure, the price of Beyond Meat stock declined by $12.55 per share, or nearly 13%, from $94.48 per share to $81.93 per share. Then, on November 10, 2021, Beyond Meat announced a $1.8 million write-off of unsold inventory. As a result of these disclosures, the price of Beyond Meat stock declined by $12.82 per share, or nearly 12%, from $108.62 per share to $95.80 per share. As part of the announcement, Beyond Meat also revealed that the Company's expenses and inventories were continuing to rise. The truth began to emerge on October 22, 2021, when Beyond Meat announced that the Company was reducing its third quarter net revenues outlook by up to $34 million, or 25%. For instance, Defendant Nelson sold 440,000 shares of Beyond Meat stock during the Class Period for over $58.3 million in proceeds. ![]() Further, Beyond Meat blamed any delays in launching these large-scale partnerships on Covid-19.Ĭertain Beyond Meat executives profited enormously from the scheme described herein by selling hundreds of thousands of shares of their personally held Company stock at artificially inflated prices during the Class Period. Beyond Meat assured investors and partners that it would "ensure manufacturability" through "extensive testing," and that it was capable of manufacturing the unique plant-based meat products at commercial scale. Throughout the Class Period, Beyond Meat misled investors by boasting about the success of its product tests with its large-scale partnerships, including prominent food retailers like McDonalds, Starbucks, KFC, Pizza Hut, and Taco Bell. This matter arises from Defendants' material misrepresentations and omissions concerning the Company's ability to produce plant-based meats at scale to the specifications of its key customers, who the Company refers to as "partners." Investors have until Jto apply to the Court to be appointed as lead plaintiff in the lawsuit.īeyond Meat is a Los Angeles-based producer of plant-based meat substitutes. ![]() ("Beyond Meat" or the "Company") (NASDAQ: BYND) in the United States District Court for the Central District of California on behalf of all persons and entities who purchased or otherwise acquired Beyond Meat common stock between and October 13, 2022, both dates inclusive (the "Class Period"). NEW YORK, J(GLOBE NEWSWIRE) - Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against Beyond Meat Inc. and Encourages Investors to Contact the Firm Reminds Investors that a Class Action Lawsuit Has Been Filed Against Beyond Meat Inc. BEYOND MEAT ALERT: Bragar Eagel & Squire, P.C.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |