NEW YORK, July 09, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Beyond Meat, Inc. (“Beyond Meat” or the “Company”) (NASDAQ: BYND). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Beyond Meat and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 22, 2021, Beyond Meat announced that the Company 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 the Company’s expenses and inventories were continuing to rise.
On this news, Beyond Meat’s stock price fell $12.82 per share, or nearly 12%, to close at $95.80 per share.
On November 10, 2021, Beyond Meat announced a $1.8 million write-off of unsold inventory.
On this news, Beyond Meat’s stock price fell $12.55 per share, or nearly 13%, to close at $81.93 per share.
On November 17, 2021, Bloomberg published an article reporting on the delays in production and execution challenges that 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, Beyond Meat’s stock price fell $3.01 per share, or more than 3.5%, to close at $80.97 per share.
On December 9, 2021, after the market closed, multiple media sources reported that Taco Bell had cancelled a planned Beyond Meat product test due to ongoing quality concerns.
On this news, Beyond Meat’s stock price fell $5.58 per share, or nearly 8%, to close $64.51 per share.
Finally, on October 14, 2022, Beyond Meat announced the departure 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 $1.44 per share, or 9.71%, to close at $13.35 per share on October 14, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
