PR Newswire
BENSALEM, Pa., July 6, 2023
BENSALEM, Pa., July 6, 2023 /PRNewswire/ -- Law Offices of Howard G. Smith announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Beyond Meat, Inc. ("Beyond Meat" or the "Company") (NASDAQ: BYND).
Class Period: May 5, 2020 – October 13, 2022
Lead Plaintiff Deadline: July 10, 2023
Investors suffering losses on their Beyond Meat investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
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.
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) Beyond Meat was unable to manufacture its meat substitutes at scale to the specifications of its partners; (2) Beyond Meat suffered from widespread scaling issues, particularly misalignment and delayed decision-making, which led to corresponding production delays. Such issues were exacerbated by Beyond Meat's disjointed production lines; (3) These problems led some partners to balk at the high price of Beyond Meat's products and express doubts about the Company's ability to produce them at commercial scale; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, 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 [email protected], 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.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
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SOURCE Law Offices of Howard G. Smith
