SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that purchasers of Beyond Meat, Inc. (NASDAQ: BYND) common stock between May 5, 2020 and October 13, 2022, inclusive (the “Class Period”) have until July 10, 2023 to seek appointment as lead plaintiff of the Beyond Meat class action lawsuit. Captioned Retail Wholesale Department Store Union Local 338 Retirement Fund v. Beyond Meat, Inc., No. 23-cv-03602 (C.D. Cal.), the Beyond Meat class action lawsuit charges Beyond Meat and certain of its top executives with violations of the Securities Exchange Act of 1934.
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CASE ALLEGATIONS: Beyond Meat is a producer of plant-based meat substitutes.
The Beyond Meat class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Beyond Meat was unable to manufacture its meat substitutes at scale to the specifications of its key customers, which it calls “partners”; (ii) Beyond Meat suffered from widespread scaling issues, particularly misalignment and delayed decision-making, which led to corresponding production delays; (iii) such issues were exacerbated by Beyond Meat’s disjointed production lines; and (iv) these problems led some partners to balk at the high price of Beyond Meat’s products and express doubts about Beyond Meat’s ability to produce them at commercial scale.
On October 22, 2021, Beyond Meat announced that it was reducing its third quarter net revenues outlook by up to $34 million, or 25%. As part of the announcement, Beyond Meat also revealed that its expenses and inventories were continuing to rise. On this news, the price of Beyond Meat stock declined by nearly 12%.
Then, on November 10, 2021, Beyond Meat announced a $1.9 million write-off of unsold inventory. On this news, the price of Beyond Meat stock declined by nearly 13%.
Next, on November 17, 2021, an article was published in Bloomberg highlighting the delays in production and execution challenges Beyond Meat was facing. Former employees reported that there were “significant internal problems” stemming from “confusion and misalignment . . . [and] belated decision-making” that corresponded with exacerbated production delays. On this news, the price of Beyond Meat stock declined by approximately 3.5%.
Thereafter, on December 9, 2021, multiple media sources reported that Taco Bell, one of Beyond Meat’s partners, had cancelled a planned product test due to ongoing quality concerns. On this news, the price of Beyond Meat stock declined by nearly 8%.
Finally, on October 14, 2022, Beyond Meat announced the departure of several top executives, including Beyond Meat’s Chief Operating Officer, Chief Growth Officer, and Chief Financial Officer. On this news, the price of Beyond Meat stock declined by an additional 9.6%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Beyond Meat common stock during the Class Period to seek appointment as lead plaintiff of the Beyond Meat class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Beyond Meat class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Beyond Meat class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Beyond Meat class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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