SAN FRANCISCO--(BUSINESS WIRE)--National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in Beyond Meat, Inc. (“Beyond Meat” or the “Company”) who suffered losses from purchasing or otherwise acquiring Beyond Meat common stock (NASDAQ: BYND) between May 5, 2020 and October 13, 2022 to contact us immediately regarding pending securities fraud class action against Beyond Meat. The deadline to apply to be a lead plaintiff is July 10, 2023.
Class Period: May 5, 2020 – October 13, 2022
Lead Plaintiff Motion Deadline: July 10, 2023
Case information: lieffcabraser.com/securities/beyond-meat
Contact us: Email or text email@example.com or call 1-800-541-7358
Beyond Meat is a food manufacturer that produces plant-based meat substitutes. Beyond Meat has repeatedly touted its partnerships with large national fast-food chains and its ability to manufacture plant-based meat products at commercial scale.
The securities class action alleges that Beyond Meat made false and/or misleading statements and/or failed to disclose that: (1) the Company overstated the success of its product tests with national food chains and the likelihood of full-scale product launches; (2) the Company was unable to manufacture its products at the scale it told investors; and (3) delays in launching Beyond Meat’s partnerships were caused by ongoing product quality and scaling concerns and not the COVID-19 pandemic, or other factors, as defendants claimed.
The truth began to emerge on October 22, 2021 when Beyond Meat announced that it was lowering its net revenues guidance for the third quarter by 25%. The Company also disclosed that its expenses and inventories were increasing. On this news, the price of Beyond Meat stock fell $12.82, or 11.8%, to close at $95.80 per share on October 22, 2021 on elevated trading volume.
On November 10, 2021, Beyond Meat disclosed that it wrote off $1.8 million in unsold inventory. On this news, the price of Beyond Meat stock fell $12.55 per share, or 13.28%, to close at $81.93 per share on November 11, 2021.
On November 17, 2021, Bloomberg reported that Beyond Meat was experiencing significant delays in production and, according to former employees, 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 fell $3.01 per share, or 3.61%, to close at $80.47.
On December 9, 2021, multiple media sources reported that Taco Bell cancelled a planned Beyond Meat product test because of quality concerns. On this news, the price of Beyond Meat stock fell $5.58 per share, or 7.96%, to close at $64.51 per share on December 10, 2021.
On October 14, 2022, Beyond Meat announced that several of its senior executives were leaving the Company, including its Chief Operating Officer, Chief Growth Officer, and Chief Financial Officer. On this news, the price of Beyond Meat stock fell $1.43 per share, or 9.68%, to close at $13.35 per share on October 14, 2022.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.