BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Beyond Meat, Inc. (“Beyond Meat” or the “Company”) (NASDAQ: BYND) investors concerning the Company’s possible violations of federal securities laws.
On October 22, 2021, Beyond Meat announced that it was reducing its third quarter revenue outlook by up to $34 million. The Company also disclosed that its expenses and inventories were continuing to rise. On this news, Beyond Meat’s stock price fell $12.82, or 11.8%, to close at $95.80 per share on October 22, 2021, thereby injuring investors.
Then, on November 10, 2021, Beyond Meat announced a $1.8 billion write-off of unsold inventory. On this news, Beyond Meat’s stock price fell $12.55, or 13.3%, to close at $81,93 per share on November 11, 2021.
Then on November 17, 2021, Bloomberg reported on Beyond Meat’s production delays and execution challenges, stating that former employees claimed that there were “significant internal problems” stemming from “confusing and misalignment” and “belated decision-making” that corresponded with exacerbated production delays. On this news, Beyond Meat’s stock price fell $3.01, or 3.6%, to close at $80.47 per share on November 17, 2021.
Then, on December 9, 2021, after the market closed, media sources reported that a planned product test between Beyond Meat and Taco Bell had been cancelled due to ongoing quality concerns. On this news, Beyond Meat’s stock price fell $5.58, or 7.8%, to close at $64.41 per share on December 10, 2021.
Then, on October 14, 2022, Beyond Meat announced departures of several top executives, including the Company’s Chief Operating Officer, Chief Growth Officer, and Chief Financial Officer. On this news, Beyond Meat’s stock price fell $1.43, or 9.7%, to close at $13.35 per share on October 14, 2022, thereby injuring investors further.
If you purchased Beyond Meat securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.